Q2 2024 Scor SE Earnings Call Transcript
Key Points
- SCOR SE (SCRYY) maintains attractive margins and growth in preferred lines of business in P&C, with a combined ratio of 87% for the first six months.
- The company has a high-quality fixed income portfolio with stable and elevated returns, achieving a regular income yield of 3.5% in H1 2024.
- SCOR SE (SCRYY) has a strong solvency ratio of 201%, within the target range of 185% to 220%, despite a significant impact from life & health reserving assumptions.
- P&C premiums are up by almost 16% year-to-date, with strong growth in specialty lines such as engineering, marine, and energy.
- The company has a three-step plan to restore profitability in life & health, focusing on reserve adjustments, maximizing value from the in-force book, and increasing diversification and profitability of new business.
- Life & health results have been significantly impacted by an ongoing reserve assumption review, resulting in a negative insurance service result of EUR257 million for H1.
- The economic value of SCOR SE (SCRYY) has reduced from EUR9.2 billion to EUR8.4 billion, well below the 9% growth target.
- The full-year life & health ISR is expected to be well below the target range of EUR500 million to EUR600 million.
- The company faces challenges in the US casualty market, maintaining stable premiums but reducing net exposures due to insufficient market improvements.
- The solvency ratio would have been 221% excluding the impact of the life & health reserving assumptions review, indicating a significant hit to the balance sheet.
Good afternoon, ladies and gentlemen, and welcome to the SCOR Q2 2024 Results Conference Call. Today's conference will be recorded. (Operator Instructions)
At this time, I'd like to hand the call over to Mr. Thomas Fossard. Please go ahead, sir.
Good afternoon, everyone, and welcome to SCOR Q2 2024 results conference call. My name is Thomas Fossard, Head of Investor Relations, and I'm joined on the call today by Thierry Leger, Group CEO; Francois Varenne, Group CFO; and Jean-Paul Conoscente, CEO of SCOR P&C; as well by other COMEX member. Can I please ask you to consider the disclaimer on page 2 of the presentation.
And now I would like to hand over to Thierry Leger. Thierry, over to you.
Thanks, Thomas, and hello, everyone. Let me start with my four key messages today. First, in P&C, we maintain attractive margins, grow in preferred lines of business, improve diversification and continue
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