FX.co ★ SCOR Slips To Loss In Q3 On Weak Insurance Revenues

French reinsurer SCOR SE announced on Thursday that it faced a Group net loss of €117 million in the third quarter, a shift from a profit of €147 million the previous year. This loss was attributed to the 2024 Life & Health (L&H) assumption review.

The loss per share was recorded at €0.65, contrasting with a profit of €0.82 per share in the same period last year.

The company noted that excluding one-time items, the Group's net income would amount to €150 million.

Insurance revenue experienced a 6.9% decline, falling to €3.94 billion from the prior year's €4.24 billion. Despite this, gross written premiums rose by 2.4%, reaching €4.99 billion compared to €4.87 billion last year.

During the quarter, Property and Casualty (P&C) insurance revenue decreased by 2.9% year-over-year to €1.84 billion. Additionally, L&H insurance revenue saw a 10.1% reduction, totaling €2.10 billion.