Scor: adjustment of assumptions for earnings
(CercleFinance.com) - After the negative experience variance in Q1 2024, SCOR has decided to accelerate the annual L&H reserving assumptions review, and to include a best estimate view in the Q2 2024 results.
Consequently, Q2 L&H income from insurance activities (ISR) is expected to be around -E0.4bn, and full-year L&H income for 2024 significantly below the E500m indicated in the margins of recent quarters.
Q2 L&H margin on contractual services (MSC), before tax and at current yield curves, is adjusted by around -E0.9bn. Further revisions could lead to additional negative adjustments of up to -E0.4bn by end-2024.
Scor's Q2 economic value is expected to be around E8.3bn-E8.5bn. Therefore, its economic value growth target of 9% p.a. at constant economic assumptions is unlikely to be achieved for the year.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
Consequently, Q2 L&H income from insurance activities (ISR) is expected to be around -E0.4bn, and full-year L&H income for 2024 significantly below the E500m indicated in the margins of recent quarters.
Q2 L&H margin on contractual services (MSC), before tax and at current yield curves, is adjusted by around -E0.9bn. Further revisions could lead to additional negative adjustments of up to -E0.4bn by end-2024.
Scor's Q2 economic value is expected to be around E8.3bn-E8.5bn. Therefore, its economic value growth target of 9% p.a. at constant economic assumptions is unlikely to be achieved for the year.
Copyright (c) 2024 CercleFinance.com. All rights reserved.