SCOR begins 2022 with strong renewal results in P&C reinsurance, navigating a complex and prolonged renewal season. The results of these renewals fully deliver on the strategy outlined at the September 2021 Investor Day. SCOR deploys its capital rigorously, reducing climate-sensitive exposures as net margins are currently insufficient to reflect the exceptionally volatile environment, and actively steers its book towards Treaty Global Lines (e.g., Marine, Engineering, Credit & Surety).
The January 1, 2022 renewals evidence the continuing hardening of the P&C treaty reinsurance market, following years of large natural catastrophe losses, attritional inflation and low interest rates. The generalized risk aversion trend is accompanied by a robust demand for reinsurance. In this context, SCOR fully leverages its deep client relationships and broad franchise to actively steer its portfolio towards lines of business and regions displaying the most attractive risk / return conditions.
SCOR achieves +19.0% reinsurance premium growth at constant exchange rates, including one large structured transaction in Europe on a non-catastrophe-exposed, and a well-balanced portfolio. Excluding this large transaction, the underlying growth stands at +9.8%, corresponding to a premium increase of EUR 371 million to EUR 4,149 million. All P&C reinsurance figures presented hereafter refer to underlying growth trends unless otherwise specified.
You can read their report in depth here by the way.
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