The French reinsurance group Scor published Thursday a net loss of 239 million euros for the first half, marred by the war in Ukraine and the impact of numerous natural disasters, including a drought in Brazil.
The first half of 2022 was marked by a series of exceptional events, both in property and casualty reinsurance and in life and health reinsurance, which had a negative impact on our financial performance, explains Chief Executive Officer Laurent Rousseau, quoted in a press release.
Gross premiums put, equivalent to turnover, however increased by 8.3% at constant exchange rates in the first half compared to the same period in 2021, 9.69 billion euros.
In the second quarter of 2022, the group posted a net loss of 159 million euros, after a first quarter already in the red (-80 million euros), affected by the war in Ukraine.
The period from April to June was marked in particular by heavy flooding in South Africa and storms in France, details the company, whose activity consists of insuring insurers.
This result contrasts sharply with the first half of 2021, when it earned 380 million euros.
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However, this announcement is only a half-surprise. On July 12, Scor had publicly quantified the impact on its accounts of the drought in Brazil for the first half of the year at 200 million euros. It is ultimately 193 million euros, most of which relates to the second quarter.
In this complex environment, Scor is staying the course and preparing to face headwinds and take advantage of the more buoyant currents to come, indicates its press release.
Its strategy consists in particular of reducing its exposure to perils sensitive to climate change.