Press release
November 17, 2022 – No. 19
SCOR is making every effort to improve its profitability
On November 16, Standard & Poor’s Global Ratings (‘S&P’) decided to lower the financial strength and long-term issuer credit ratings of SCOR SE and its subsidiaries from ‘AA-‘ to ‘A+’.
S&P’s decision is motivated by SCOR’s performance in terms of profitability. SCOR has indeed gone through a difficult period, marked by a historic pandemic, a succession of major natural disasters and very low interest rate levels. These various factors weighed heavily on the profitability of the Group, which nevertheless managed to maintain a high level of solvency.
SCOR is actively pursuing a whole series of strong measures to restore its technical profitability. The environment for the year that is beginning is favorable: hardening of the damage and liability reinsurance market, rising interest rates and improvement in the pandemic situation. SCOR is actively preparing the January 2023 renewals, placed entirely under the sign of technical profitability.
S&P assigned a stable outlook to the Group’s rating, reflecting its
“Convinced that management actions are likely to restore the Group’s technical and overall profitability in 2023, while maintaining its position in the life reinsurance and property and casualty markets”.
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contacts
Hurry
Nathalie Mikaeloff and Alexandre Garcia
[email protected]
Investor Relations
Yves Cormier
[email protected]
www.scor.com
LinkedIn: SCOR | Twitter: @SCOR_SE
SCOR, a leading global reinsurer
A leading global reinsurer, SCOR offers its clients an innovative and diversified range of reinsurance and insurance solutions and services for risk control and management. True to its motto “The Art and Science of Risk”, the Group puts its recognized expertise within the sector and its cutting-edge financial solutions at the service of the well-being and resilience of populations.
SCOR offers its clients an AA level of security.
The Group recorded more than 17.5 billion euros in premiums in 2021. Represented through 36 offices around the world, it serves its customers in more than 160 countries.
For more information, visit: www.scor.com
Attachment
SCOR press release