Investor Day 2020

SCOR is well positioned to capture profitable growth opportunities from the new supportive market environment - Seite 2

SCOR is well positioned in this supportive environment:

• The company is absorbing the impact of the Covid-19 crisis, both operationally and financially;
• There are clear profitable growth opportunities ahead;
• The SCOR Group has a strong balance sheet, with superior credit ratings and an optimal solvency, after having taken into account all known current and future Covid-19 claims; and
• The Group benefits from a global scalable platform that will continue to bring operating leverage as market opportunities are seized.

SCOR reaffirms its “Quantum Leap” strategy, based upon consistency of focus upon the twofold targets of profitability and solvency, and based upon the transformation of the business through an increasing investment in technology. The Group is further enhancing value creation through accelerated growth in the new and supportive P&C reinsurance market environment.

Out of the EUR 250 million investments in technology planned over “Quantum Leap”, EUR 113 million has already been deployed since the start of the plan.

Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: “With the Covid-19 pandemic, SCOR has once again demonstrated its capacity to absorb major shocks combined with the resilience of its business model. Regarding the assessment of our exposure to the Covid-19 pandemic that we provided at the end of July 2020, on the P&C side, claims are developing as expected. On the Life side, at this stage, claims experience is emerging better than expected. In addition, the pandemic has also exacerbated society’s growing aversion to risk, creating the conditions to drive stronger growth for the reinsurance industry. SCOR is uniquely positioned to benefit from the hardening of the pricing environment and improved terms and conditions. SCOR is well on track with the execution of its strategic plan “Quantum Leap” with a faster than expected profitable growth prospect on the P&C side, and reaffirms its strategy based on consistency and transformation to enhance value creation.”

SCOR Global P&C

For 2020, SGP&C is expecting a positive growth in Gross Written Premiums at constant exchange rates, as the effects of Covid-19 and of the pruning on the 2020 portfolio are expected to be mitigated by the strong growth of the 2018 and 2019 portfolios following the disciplined renewals. 

The Covid-19 pandemic is leading to a reinforcement of the P&C (re)insurance market hardening which is expected to be significant, generalized and long-lasting. The outlook for the P&C (re)insurance market is very positive.