Press release
April 15, 2022 – No. 8
L
are
results of
first trimester
2022
by SCOR
will be impacted by the
conflict in Ukraine
Since the beginning of the war in Ukraine on February 24, 2022, SCOR has carefully studied the evolution of events and the potential impact of the conflict and international sanctions on its activity.
The SCOR PO subsidiary that SCOR owns in Russia is directly impacted and has stopped underwriting new business. More generally, this conflict has consequences on lines of business such as Political Risks, Credit and Surety and Aviation. SCOR expects to record a double-digit charge in the first quarter of 2022 (“
high
double digit
»
) in EUR million for potential claims related to the conflict for reinsurance treaties and for specialty insurance. As the conflict continues, this estimate will change.
The estimated cost of this conflict was combined in the first quarter of 2022 with a series of natural disasters (including floods in Australia, storms in Europe and drought in Brazil) as well as the continuation of the pandemic in the United States. . These developments will have an unfavorable impact on the combined ratio of SCOR P&C as well as on the technical margin of SCOR L&H, and should result in a quarterly loss.
The results for the first quarter of 2022 will be published on May 6, 2022.
The Group remains very well capitalized, with a solvency ratio that would be at March 31, 2022 at a level significantly higher than the ratio of 226% published at the end of the fourth quarter of 2021. This solvency takes into account the payment of a dividend of 1 80 euros per share for the 2021 financial year, which will be submitted for the approval of the shareholders at the annual general meeting to be held on May 18, 2022, and which will be paid on May 24, 2022.
This publication is an application
ad hoc
in accordance with Article 17 of Regulation (EU) No. 596/2014 of April 16, 2014 (as amended and supplemented).
*
* *
contacts
Investor Relations
Yves Cormier
[email protected]
media relations
Nathalie Mikaeloff
[email protected]
www.scor.com
LinkedIn: SCOR | Twitter: @SCOR_SE
General
The figures presented in this document may not correspond exactly to the totals of the tables and the text. Percentages and percentage changes are calculated on whole digits (including decimals); therefore, the document may contain insignificant differences in sums and percentages due to rounding. Unless otherwise noted, sources for company rankings and market positions are internal.
Forward-looking statements
This document contains forward-looking statements and information about SCOR’s objectives, including with respect to SCOR’s current or future plans.
These statements are sometimes identified by the use of the future tense or the conditional mood, as well as terms such as “estimate”, “believe”, “aim”, “intend”, “expect”. to”, “result in”, “must” and other similar expressions.
It should be noted that the achievement of these objectives and of these forward-looking statements and information depends on circumstances and events that will occur in the future.
No guarantee can be given as to the realization of these forward-looking statements and information. Forward-looking statements and information and information relating to objectives may be influenced by known or unknown risks, identified or unidentified uncertainties, and other factors that could materially affect future results, performance and achievements, planned or expected by SCOR.
In particular, it should be noted that the impact of the Covid-19 crisis on SCOR’s activities and results cannot be assessed with precision, given in particular the uncertainty linked to the evolution of the pandemic, to its effects on health and the economy, as well as the possible effects of future governmental decisions or legal developments in this context.
Furthermore, the impact of the Russian invasion and the war in Ukraine on SCOR’s activities and results cannot be accurately assessed at this stage, given the uncertainty related to the magnitude and duration of the conflict and its repercussions.
Therefore, all assessments and figures presented in this document are necessarily estimates based on evolutionary analyses, and include a wide range of theoretical assumptions, which are highly evolutionary.
Information relating to the risks and uncertainties that could affect SCOR’s business is presented in the 2021 Universal Reference Document filed on March 3, 2022 under number D.22-0067 with the Autorité des marchés financiers (AMF) available on SCOR website www.scor.com .
Furthermore, these forward-looking statements are not “profit forecasts” within the meaning of Article 1 of Commission Delegated Regulation (EU) 2019/980.
SCOR undertakes no obligation to publish modifications or updates to these forward-looking statements and information.
financial informations
The Group’s financial information contained in this document is prepared on the basis of IFRS and the interpretations published and approved by the European Union.
Unless otherwise indicated, balance sheet and income statement items and ratios for the previous year have not been reclassified.
The financial results for the year ended December 31, 2021 included in the 2021 Universal Registration Document have been audited by SCOR’s statutory auditors.
Unless otherwise indicated, all figures are presented in euros. Any figure for a period after December 31, 2021 should not be considered a forecast of expected financial results for such periods. The solvency ratio is not a value audited by the Company’s auditors. The Group’s final solvency results are to be filed with supervisory authorities by May 2022, and may differ from the estimates expressed or implied in the 2021 Universal Registration Document.
Enclosed