SCOR, FY2017: 3.7% premium growth and materially improves pricing and expected profitability

For the January 2018 renewals SCOR reported P&C reinsurance renewal premiums worth EUR 3.1 billion, 3.7% up y-o-y at constant exchange rates. Risk-adjusted pricing improved 3% compared to January 2017.

Expected profitability, which is measured by both technical profitability (loss and commission ratios) and return on risk-adjusted capital, improved by two percentage points on each measure.

Victor PEIGNET, CEO of SCOR Global P&C, comments: "SCOR has a strong position in the 2018 renewals, resulting from the Group's multiple recent rating upgrades, a client-by-client approach, and the expansion of our capabilities as described in our 'Vision in Action' plan. We negotiated to reduce, cancel or decline business that did not meet our hurdles without damaging our franchise. As a result, our portfolio renewed in January is both larger and more profitable while still being well-diversified."

Reinsurance pricing is broadly improved across nearly all lines of business and geographic markets. Loss-affected programs and layers show the greatest improvements, most notably catastrophe-exposed reinsurance in the United States and motor reinsurance in the United Kingdom. SCOR benefits from improved primary insurance market conditions both through reinsurance and through SCOR Business Solutions, the Channel Syndicate, and the MGA business.

SCOR takes a client-by-client approach at each renewal season, considering each relationship over time and across lines of business. Compared to January 2017, SCOR's renewal portfolio shows SCOR's increased support to clients on non-proportional treaties with improved expected profitability. SCOR reduced or declined some high-volume proportional treaties with less-attractive margins or risk profiles, particularly when pricing improvement was insufficient.

Approximately 69% of SCOR's P&C premiums renew in January, and the Division's risk appetite and profile are not substantially changed.

SCOR Global P&C continues to have robust retrocession protection at a single-digit increase in spend versus last year.



Related articles

Swiss Re completes public share buy-back programme 2017

Swiss Re announced that it has completed the 2017 public share buy-back programme of up to CHF 1.0 billion purchase value, authorised by the Annual General Meeting on 21 April 2017 and which it launched on 3 November 2017.

2018-02-21

ON THE MOVE

TOP EVENT

"Insurance and Pensions reloaded" - the 7th EIOPA Annual Conference

The 7th EIOPA Annual Conference takes place today in Frankfurt am Main, Germany. A review of the current supervisory covergence issues and of the prospects of the Pan European Personal Pension Product are on the event's agenda, together with analyzing the ways in which regulation may enable innovation.

22.11.2017

photodune-3834701-laughing-girl-xs

"IIF2017 - Insurance in the DIGITAL World" Conference took place in Vienna

"IIF2017 - Insurance in the DIGITAL World" conference brought together in Vienna well-known insurance professionals from all over the world who analyzed the latest digital trends in the industry, taking into account the fast digitalization of the financial services providers' world, in particular in the insurance field, which is creating both huge opportunities and strong challenges for the players.

14.11.2017

photodune-3834701-laughing-girl-xs

Croatian Insurance Days Live

On 9 November has started in Opatija, Croatia, the 2017 edition of the Croatian Insurance Days Conference, the traditional meeting of the Croatian insurance top professionals with their European peers. XPRIMM Publications are supporting the event as Media Partners.

09.11.2017

photodune-3834701-laughing-girl-xs

The 2017 Baden Baden Meeting: Short recap

The Baden-Baden meeting, one of the key events in the reinsurance calendar, has just set the final point of this year's edition. XPRIMM Publications have reported from the meeting's premises. Let's recap!

26.10.2017

Baden Baden Headlines 3: CEE insurance markets are attractive for reinsurers

Central and Eastern Europe insurance markets are an important source of business for Lloyds, total premium income from this region increasing by EUR 64 million since 2010, pointed out the Lloyd's representative in a seminar dedicated to CEE insurance markets: "We are seeing strong growth from Czech Rep, Poland, Slovakia and Ukraine. At the same time are some contractions from Russia, Bulgaria, Romania and Hungary due to challenging trading conditions as political implications and other sanctions".

25.10.2017

Baden Baden Headlines 2: cyber insurance market set to grow under regulatory presure; nat cat events more frequent, but losses per event are decreasing

Asian insurance market, especially the Indian market - are considered to be "the new El-Dorado" of the global re/insurance market, with rapidly expanding markets and an dynamic environment: "Indian P&C re/insurance markets are expected to grow at a pace of 15% per annum", according  to Victor PEIGNET, CEO, Global P&C, SCOR SE. The French -based reinsurer setted-up its Indian branch in 2016, after the authorisation from the local market authority - IRDAI. India's re/insurance market has become more attractive for global companies following the relaxation of regulatory requirements, and lately, "big names" in the industry entered the market by opening branches: GEN Re, SCOR, Lloyd's of London, MUNICH Re, SWISS Re, Reinsurance Group of America (RGA), HANNOVER Re, XL Catlin and others.

24.10.2017

See all