Scor: Q1 net income collapses 72%

(CercleFinance.com) - Scor has reported a 72.
2% drop in net income to 45 million euros for the first quarter of 2021, as well as an annualised return on equity (ROE) that is down 7.8 points to 2.9%, i.e. 247 basis points above the risk-free rate.

The reinsurer explains that it has been hit by an unprecedented combination of claims from the Covid-19 pandemic and a series of large-scale natural catastrophes, including the Uri winter storm in Texas, triggered by a polar vortex.

Gross written premiums for the group as a whole reached 4.12 billion euros, up 5.6% at constant exchange rates (-0.8% on a reported basis), including increases of 10.3% for Scor Global P&C and 2.1% for Scor Global Life.


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