After a negative experience variance in the first quarter, Scor has decided to accelerate the annual review of its L&H reserve assumptions and to incorporate the best estimate of their impact in its second-quarter results.

As a result, second-quarter L&H income from insurance activities (ISR) is expected to be around -0.4 billion euros, and full-year L&H income for 2024 significantly below the 500 million euros indicated in the margins of recent quarters.

Second-quarter L&H margin on contractual services (MSC), before tax and at current yield curves, is adjusted by around -0.9 billion euros. Further revisions could lead to additional negative adjustments of up to -0.4 billion by the end of 2024.

Scor's second-quarter economic value is expected to be around €8.3-8.5 billion. Therefore, its economic value growth target of 9% p.a. at constant economic assumptions is unlikely to be achieved for the year.

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