SCOR’s Q1 2022 results will be impacted by the conflict in Ukraine
Press ReleaseApril 15, 2022 - N° 8
SCOR’s
Q1 2022 results
will be impacted by the
conflict in Ukraine
Since the beginning of the war in Ukraine on
24th February 2022, SCOR has been closely monitoring the unfolding
of events, and the resulting potential impact of the conflict and
related international sanctions on its activity.
SCOR PO (the subsidiary owned by SCOR in Russia)
is directly impacted and has stopped underwriting new business.
More generally, this conflict has consequences on business lines
such as Political Risks, Credit and Surety, and Aviation. SCOR
expects a Q1 2022 charge in the high double-digit EUR million range
for potential claims related to the conflict across both treaty
reinsurance and specialty insurance. As the conflict continues,
this estimate will evolve.
In Q1 2022, the estimated cost of this conflict
is combined with a series of natural catastrophes (including floods
in Australia, European windstorms and a drought in Brazil) and the
continuation of the pandemic in the United States. These
developments will have an adverse impact on SCOR P&C’s combined
ratio and on SCOR L&H’s technical margin and are expected to
result in a quarterly loss.
The Q1 2022 results will be published on May
6th, 2022.
The Group remains very well capitalized with a
solvency ratio which should stand as of March 31st, 2022 at a level
significantly above the 226% position reported at the end of Q4
2021. This solvency position reflects the payment of a dividend of
EUR 1.80 per share for the fiscal year 2021, which will be
submitted to the approval of the shareholders at the 2022 Annual
General Meeting to be held on May 18th, 2022, with a payment date
on May 24th, 2022.
**
*
This publication is an ad hoc disclosure
pursuant to article 17 of the Regulation (EU) n°596/2014 of 16
April 2014 (as amended and completed).
Contact details
Investor RelationsYves
Cormierycormier@scor.com
Media RelationsNathalie
Mikaeloffmedia@scor.com
www.scor.comLinkedIn:
SCOR | Twitter:
@SCOR_SE
General
Numbers presented throughout this document may
not add up precisely to the totals in the tables and text.
Percentages and percent changes are calculated on complete figures
(including decimals); therefore the document might contain
immaterial differences in sums and percentages due to rounding.
Unless otherwise specified, the sources for the business ranking
and market positions are internal.
Forward-looking statements
This document includes forward-looking
statements and information about the objectives of SCOR, in
particular, relating to or taking into account SCOR’s current or
future projects.
These statements are sometimes identified by the
use of the future tense or conditional mode, as well as terms such
as “estimate”, “believe”, “have the objective of”, “intend to”,
“expect”, “result in”, “should” and other similar expressions.
It should be noted that the achievement of these
objectives and forward-looking statements and information is
dependent on the circumstances and facts that arise in the
future.
No guarantee can be given regarding the
achievement of these forward-looking statements and information.
Forward-looking statements and information and information about
objectives may be impacted by known or unknown risks, identified or
unidentified uncertainties and other factors that may significantly
alter the future results, performance and accomplishments planned
or expected by SCOR.
In particular, it should be noted that the full
impact of the Covid-19 crisis on SCOR’s business and results cannot
be accurately assessed, notably given the uncertainty related to
the evolution of the pandemic, to its effects on health and on the
economy, and to the possible effects of future governmental actions
or legal developments in this context.
In addition, the full impact of the Russian
invasion and war in Ukraine on SCOR’s business and results cannot
be accurately assessed at this stage, given the uncertainty related
both to the magnitude and duration of the conflict, and the
consequential impacts.
Therefore, any assessments and any figures
presented in this document will necessarily be estimates based on
evolving analyses, and encompass a wide range of theoretical
hypotheses, which are highly evolutive.
Information regarding risks and uncertainties
that may affect SCOR’s business is set forth in the 2021 Universal
Registration Document filed on March 3, 2022, under number
D.22-0067 with the French Autorité des marchés financiers (AMF)
posted on SCOR’s website www.scor.com.
In addition, such forward-looking statements are not “profit
forecasts” within the meaning of Article 1 of Commission Delegated
Regulation (EU) 2019/980.
SCOR does not undertake any obligation to publish changes or
updates regarding these forward-looking statements and
information.
Financial information
The Group’s financial information contained in
this document is prepared on the basis of IFRS and interpretations
issued and approved by the European Union.
Unless otherwise specified, prior-year balance
sheet, income statement items and ratios have not been
reclassified.
The financial results for the full year 2021
included in the 2021 Universal Registration Document have been
audited by SCOR’s statutory auditors. Unless otherwise specified,
all figures are presented in Euros. Any figures for a period
subsequent to December 31, 2021 should not be taken as a forecast
of the expected financials for these periods.
The solvency ratio is not audited by the
Company’s statutory auditors. The Group solvency final results are
to be filed to supervisory authorities by May 2022 and may differ
from the estimates expressed or implied in the 2021 Universal
Registration Document.
Scor (EU:SCR)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Scor (EU:SCR)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024