SCOR (SCR) Q4 2024 earnings summary

Executive summary

• Q4 2024 net income reached EUR 233 million, with all business activities contributing positively and a proposed dividend of EUR 1.8 per share, reflecting a robust solvency ratio and capital management discipline.

• FY 2024 net income was EUR 11 million, but adjusted for one-offs, net income was EUR 728 million, reflecting a 14.9% ROE; full-year results were impacted by L&H assumption review.

• P&C segment delivered excellent margins and resilience, with strong underlying business performance and accelerated reserve buffer building.

• Investments generated elevated returns from a high-quality fixed income portfolio, with a regular income yield at the high end of guidance.

• Solvency ratio stood at 210% at year-end, fully absorbing L&H impacts and demonstrating balance sheet strength.

Financial highlights

• Q4 2024 insurance revenue was EUR 4.0 billion, up 0.4% year-over-year at constant FX; net income was EUR 233 million.

• FY 2024 insurance revenue reached EUR 16 billion, up 2.5% year-over-year at constant FX.

• Q4 2024 combined ratio for P&C was 83.1%; FY 2024 combined ratio was 86.3%, ahead of Forward 2026 assumption.

• Economic Value per share at year-end was EUR 48, down from EUR 51 at YE 2023.

• FY 2024 investment income on invested assets was EUR 800 million, with a regular income yield of 3.5%.

Outlook and guidance

• Forward 2026 assumptions include a P&C combined ratio below 87% and regular income yield between 3.2% and 3.6%.

• L&H new business CSM generation expected at EUR 400 million per year for 2025-2026, with ramp-up in 2026.

• Net capital generation guidance of 1-2 points per year for 2025 and 2026.

• Further ALM actions planned in 2025 to reduce Euro interest rate sensitivities.

• Dividend increases possible if economic value grows in 2025; focus remains on capital deployment, not repatriation.