SCOR SE (Euronext Paris: SCR)

Q: Does SCOR sell insurance directly to individuals?

No, SCOR is a reinsurer (B2B). It sells coverage to primary insurance companies. However, it offers services like Velogica that help insurers sell to individuals.

Quick Facts / Company Snapshot

Company Name: SCOR SE
Headquarters: 5 Avenue Kléber, 75116 Paris, France
Legal Form: Societas Europaea (SE)
Industry: Reinsurance (Global Tier 1)
Founding Year: 1970
Chief Executive Officer: Thierry Léger
Chairman of the Board: Fabrice Brégier
2024 Gross Written Premiums: EUR 20,064 million
2024 Insurance Revenue: EUR 16,126 million
2024 Consolidated Net Income: EUR 4 million
Solvency Ratio (2024): 210%
Book Value Per Share: EUR 25.22
Dividend Proposed (2024): EUR 1.80 per share
Total Assets: EUR 79,235 million (estimated based on previous consolidated volume)
Shareholders’ Equity: EUR 4,432 million
P&C Combined Ratio: 86.3%
L&H Insurance Service Result: EUR -348 million
Strategic Plan: Forward 2026
Number of Employees: Approximately 3,500
Credit Ratings: AA- (S&P), Aa3 (Moody’s), A+ (AM Best), AA- (Fitch)

Company Overview

SCOR SE is one of the world’s largest reinsurance companies, providing insurance companies with a diversified and innovative range of solutions and services to control and manage risk. Operating under the motto “The Art & Science of Risk,” SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve clients in more than 160 countries. The Group is organized around three deep areas of expertise: SCOR Property & Casualty (P&C), SCOR Life & Health (L&H), and SCOR Investments.+2

The company operates as a Societas Europaea (SE), reflecting its strong European roots and global ambition. SCOR’s business model is resilient, balanced between Life and P&C reinsurance, and supported by a robust capital shield. The Group’s strategy is currently defined by the “Forward 2026” plan, which emphasizes economic value growth, optimized capital allocation, and the transition toward a sustainable, technical, and profitable underwriting portfolio.+1

In 2024, SCOR demonstrated capital strength despite significant actuarial reviews in its Life & Health business. The Group focuses on offering clients high value-added solutions, from traditional reinsurance treaties to alternative capital solutions and insurance-linked securities (ILS).

Key Operational Pillars:

Diversification: Balancing risk between Life (biometric risks) and P&C (natural catastrophes, specialty lines).
Capital Strength: Maintaining a solvency ratio strictly within the optimal 185%–220% range.
Sustainability: A commitment to net-zero operations by 2030 and significant investments in climate-resilient coverage.

Business Segments

SCOR reports its operations through three primary segments. The revenue contribution is calculated based on Insurance Revenue for the underwriting divisions.

1. SCOR Life & Health (L&H)

2024 Insurance Revenue: EUR 8,487 million
Percentage of Total Insurance Revenue: 52.6%
Scope: This segment focuses on biometric risks. It provides reinsurance solutions for mortality (protection), longevity, and morbidity (disability, critical illness, and long-term care). SCOR L&H also offers Financial Solutions (FinSol) that help clients manage their capital and solvency positions. The division leverages data analytics and behavioral science to assess risks accurately. In 2024, this segment underwent a significant acceleration of its assumption review, leading to a negative adjustment in the service result, but it remains a core pillar of the Group’s long-term value creation.+1

2. SCOR Property & Casualty (P&C)

2024 Insurance Revenue: EUR 7,639 million
Percentage of Total Insurance Revenue: 47.4%
Scope: SCOR P&C covers a wide array of risks, protecting insurers against property damage, natural catastrophes, casualty (liability), and specialty risks such as credit and surety, aviation, marine, and engineering. The segment operates through Reinsurance (Treaty and Facultative) and Specialty Insurance (Single Risk). The P&C division focuses on technical profitability, evidenced by a strong combined ratio of 86.3% in 2024, despite high natural catastrophe activity.

3. SCOR Investments

Revenue Source: Investment Income (Not classified as Insurance Revenue)
Return on Invested Assets (2024): 3.5%
Scope: SCOR Investments manages the Group’s investment portfolio, which primarily consists of fixed-income securities, government bonds, and corporate credit. The division’s objective is to generate recurring financial income to cover liabilities and contribute to the Group’s profitability. The strategy emphasizes asset-liability management (ALM), liquidity, and sustainability (ESG integration).

History and Evolution

Founded in 1970 at the initiative of the French government and insurance market, SCOR was created to provide France with a reinsurance capability of international standing.

1970–1990: Foundation and Early Expansion SCOR was established to fill a gap in the French financial sector. It quickly expanded beyond domestic borders, establishing a presence in key financial hubs like London, New York, and Singapore. The company went public in 1989.

1996–2002: Acquisitions and Challenges The Group grew through acquisitions, including the purchase of Allstate’s reinsurance operations in the US. However, the early 2000s marked a period of financial strain requiring significant restructuring and recapitalization.

2002–2010: Recovery and Strategic Acquisitions Under new leadership, SCOR executed a turnaround labeled “Back on Track.” Major acquisitions transformed the company:

2006: Acquisition of Revios (doubling the Life reinsurance business).
2007: Acquisition of Converium (solidifying the P&C global footprint).
2011: Acquisition of Transamerica Re’s mortality portfolio, making SCOR a top-tier Life reinsurer in the US.

2015–Present: Top Tier Status and Transformation SCOR solidified its position as a Tier 1 global reinsurer. The company converted to a Societas Europaea (SE) to reflect its supranational identity. Recent years have seen the launch of successive strategic plans—”Vision in Action,” “Quantum Leap,” and the current “Forward 2026″—focusing on technical profitability, digital transformation, and sustainability.

Products and Services

SCOR offers a comprehensive suite of reinsurance products derived from its two main underwriting engines.

Life & Health Solutions

(Ranked by strategic importance)

1. Protection (Mortality)

Overview: Reinsurance covering the risk of death. This is SCOR’s largest line of business in L&H, particularly strong in the US market.
Offerings: Yearly Renewable Term (YRT), Coinsurance.

2. Financial Solutions

Overview: Capital relief and liquidity solutions for primary insurers.
Offerings: Solvency II relief, financing of new business strains, and portfolio transfers.

3. Longevity

Overview: Protection against the risk of policyholders living longer than expected (pension/annuity risk).
Offerings: Longevity swaps and reinsurance treaties for pension funds and insurers.

4. Morbidity (Health)

Overview: Coverage for living benefits.
Offerings: Critical Illness, Disability Income, Long-Term Care, and Medical Expense reinsurance.

Property & Casualty Solutions

(Ranked by revenue contribution)

1. Property & Casualty Treaties

Overview: Proportional and non-proportional reinsurance for standard property and liability lines.
Revenue: A major component of the EUR 7.6 billion P&C revenue.

2. Global Lines (Specialty)

Overview: Complex risks requiring specialized underwriting.
Key Products:
- Agriculture: Crop and weather risk.
- Aviation: Airlines, general aviation, and space.
- Marine & Energy: Cargo, hull, and offshore energy.
- Engineering: Construction and Erection All Risks (CAR/EAR).

3. Alternative Solutions

Overview: Non-traditional risk transfer.
Offerings: Insurance Linked Securities (ILS), Catastrophe Bonds, and Retrocession capacity.

Brand Portfolio

SCOR operates primarily under the monolithic SCOR brand, ensuring a unified global identity. However, specialized subsidiaries and service units operate with distinct brand recognition within the B2B space.

1. SCOR (Main Brand)

Scope: Global Reinsurance (P&C and L&H).
Revenue: Accounts for >95% of Group revenue.

2. ReMark

Scope: A SCOR subsidiary specializing in consumer marketing and tech solutions for insurers.
Role: Enhances the value proposition of SCOR’s Life & Health clients by helping them reach end consumers.

3. Velogica

Scope: An automated underwriting suite.
Role: A proprietary algorithm and software service used by life insurers to instantly underwrite policies in North America and Asia.

4. SCOR Investment Partners

Scope: The asset management arm.
Role: Manages the Group’s assets and offers funds to third-party institutional investors.

Geographical Presence

SCOR organizes its business around three regional Hubs. The breakdown reflects the global diversification of its risk portfolio.

1. Europe, Middle East, and Africa (EMEA)

Hub Location: Paris, France (Global HQ)
Key Offices: London, Zurich, Cologne, Madrid, Milan.
Profile: This is SCOR’s historical base and largest region by revenue. It serves mature markets in Western Europe and emerging markets in the Middle East and Africa. The Zurich office is a critical center for specialty lines.

2. Americas

Hub Location: New York, USA
Key Offices: Charlotte, Kansas City, Toronto, Miami, São Paulo.
Profile: The US is the single largest market for SCOR’s Mortality business (Life reinsurance). The Americas hub also manages significant Property Catastrophe exposure (e.g., hurricanes) and huge Latin American agricultural portfolios.

3. Asia-Pacific (APAC)

Hub Location: Singapore
Key Offices: Beijing, Tokyo, Seoul, Sydney, Hong Kong, Mumbai.
Profile: The growth engine of the Group. SCOR has a strong foothold in the mature markets of Japan and Australia and rapidly expanding operations in China and India.

SCOR SE logo

Financial Performance Analysis

The financial year 2024 was characterized by strong underlying performance in P&C and Investments, offset by a significant negative impact from the Life & Health assumption review.

Profit and Loss Analysis (Consolidated)

Metric	FY 2024 (EUR Millions)	FY 2023 (EUR Millions)	Change
Gross Written Premiums	20,064	19,371	+3.6%
Insurance Revenue	16,126	15,920	+1.3%
Insurance Service Result	(43)	1,479	N/A
— Of which L&H	(348)	—	—
— Of which P&C	Other	—	—
Net Investment Income	689	—	—
Consolidated Net Income	4	812	-99.5%
Earnings Per Share (EPS)	EUR 0.02	EUR 4.53	—

Analysis:

Revenue Growth: Gross Written Premiums grew by 3.6%, driven by favorable pricing in P&C and continued demand for protection.
Operating Margin: The Insurance Service Result turned negative (-EUR 43 million) due to the EUR -0.7 billion pre-tax impact of the L&H actuarial review.
Net Profit: Net income was EUR 4 million, demonstrating resilience; despite the heavy L&H charge, the profitability of P&C and Investments kept the Group in positive territory.

Balance Sheet Analysis

Metric	FY 2024 (EUR Millions)
Total Shareholders’ Equity	4,432
Contractual Service Margin (CSM)	8,400 (Approx)
Total Invested Assets	23,100 (Approx)
Solvency II Ratio	210%
Economic Value	8,400

Analysis:

Equity: Shareholders’ equity stands at EUR 4.4 billion, slightly impacted by the negative L&H variance but supported by capital management actions.
Solvency: The Solvency Ratio of 210% is excellent, sitting in the upper quartile of the target range (185-220%), indicating SCOR has significant excess capital to absorb shocks.
Leverage: The financial leverage ratio remains within the strategic limit of 30-35%.

Cash Flow Analysis

Operating Cash Flow: Remained positive, driven by strong P&C remittances and recurring investment income.
Investing Cash Flow: Benefited from high reinvestment rates, with regular yields on invested assets reaching 3.5%.
Liquidity: SCOR maintains a very high level of liquidity with cash and cash equivalents sufficient to cover claim payments for 24 months in a stress scenario.

Board of Directors and Leadership Team

SCOR adheres to a dual governance structure ensuring a clear separation between management (Executive Committee) and oversight (Board of Directors).

Board of Directors

Fabrice Brégier (Chairman)

Role: Non-Executive Chairman.
Background: Former COO of Airbus and CEO of Airbus Commercial Aircraft. He brings extensive industrial and global management experience.

Board Committees:

Audit Committee: Oversees financial reporting and internal controls.
Risk Committee: Monitors the Group’s risk appetite and Solvency II compliance.
Compensation Committee: Sets executive pay and performance metrics.
Sustainability Committee: Oversees the ESG strategy and climate transition plan.

Executive Committee

Thierry Léger (Chief Executive Officer)

Role: Leads the Group’s strategy and operations.
Background: Appointed in 2023, he previously held top leadership roles at Swiss Re. He is the architect of the “Forward 2026” plan.

Key Executives:

François de Varenne: Group CFO and Deputy CEO. Responsible for Finance, Investments, and Technology.
Frieder Knüpling: CEO of SCOR Life & Health.
Jean-Paul Conoscente: CEO of SCOR Property & Casualty.
Romain Launay: Chief Operating Officer.

Subsidiaries and Operating Entities

SCOR operates through a network of subsidiaries optimized for capital efficiency and regulatory compliance.

(Sorted by Strategic Importance)

1. SCOR SE (Parent)

Location: France
Role: The main risk carrier and holding company.

2. SCOR Reinsurance Company

Location: United States (New York)
Role: The primary US operating entity for P&C and L&H business.
Contribution: Handles the massive US Mortality and Hurricane portfolios.

3. SCOR UK Company Limited

Location: London
Role: Hub for the London Market and Lloyd’s operations (via the Channel Syndicate).

4. SCOR Global Life Reinsurance Ireland

Location: Dublin
Role: A key hub for intra-group retrocession and European life business.

5. SCOR Investment Partners SE

Location: France
Role: The regulated asset management subsidiary.

Physical Properties

SCOR does not own significant industrial factories. Its physical footprint consists of prime office real estate in global financial centers.

1. Paris Headquarters

Address: 5 Avenue Kléber, Paris.
Details: A high-environmental-quality building in the 16th arrondissement.

2. London Office

Location: 10 Lime Street.
Details: Located in the heart of the City of London insurance district.

3. New York Office

Location: West 52nd Street.
Details: Headquarters for the Americas hub.

4. Singapore Office

Location: Marina Bay Financial Centre.
Details: Headquarters for the APAC hub.

Segment-Wise Performance (2024 Detail)

SCOR P&C Performance

Combined Ratio: 86.3% (Target: <87%).
Performance Driver: The ratio reflects high underwriting discipline. The “Attritional Loss Ratio” (losses excluding catastrophes) improved significantly.
Catastrophe Impact: Natural catastrophe losses totaled EUR 500 million (net of retrocession), impacted by Hurricanes Milton and Helene. Despite this, the segment remained highly profitable.

SCOR L&H Performance

Insurance Service Result: -EUR 348 million.
Performance Driver: The result was weighed down by a EUR 0.7 billion negative impact from the 2024 actuarial assumption review, primarily related to US mortality and claims development.
Underlying: Excluding the one-off review impact, the portfolio continues to generate positive cash flows and economic value.

Founders

SCOR was not founded by a single entrepreneur but was a state-led initiative.

Origin: Created in 1970 at the behest of the French Government.
Purpose: To establish a French reinsurer capable of competing with Swiss and German giants (Swiss Re, Munich Re) and to prevent reinsurance premiums from leaving the French economy.
Evolution: While state-backed originally, it was privatized and is now fully owned by institutional and public shareholders.

Shareholding Pattern

SCOR SE is a publicly traded company with a 100% free float, meaning there is no controlling shareholder.

Structure (Approximate based on voting rights):

Institutional Investors: >85%
Employees: ~4% (SCOR places high value on employee share ownership).
Treasury Shares: ~1-2%
Individual Shareholders: <10%

Major Disclosed Shareholders (holding >5%):

Covea: A leading French mutual insurer, holding a significant minority stake (historically around 8-9%, subject to market changes).

Investments and Capital Expenditure Plans

Investment Strategy (Asset Management)

Portfolio Size: EUR 23.1 billion.
Allocation: Conservative.
- Government Bonds & Cash: ~38%
- Corporate Bonds: ~42%
- Equities & Alternatives: ~5%
Income Target: The Group benefits from high interest rates, locking in a regular income yield of 3.4% to 3.8% for the coming years.

Capital Expenditure (Capex) & R&D

Technology Investments: SCOR is investing heavily in the “Data & Tech” enabler of its Forward 2026 plan.
Key Projects:
- Migration to cloud-based platforms.
- Enhancement of algorithmic underwriting tools (Velogica).
- Development of climate modeling tools.

Future Strategy: “Forward 2026”

The Group is currently executing its three-year strategic plan, Forward 2026.

Strategic Targets:

Economic Value Growth: Grow Economic Value by 9% per annum (at constant economic assumptions).
Solvency: Maintain the Solvency II ratio between 185% and 220%.

Strategic Levers:

L&H turnaround: Restore profitability by completing the assumption review and repricing business.
P&C Discipline: Continue the “hard market” strategy, deploying capital only where pricing meets strict return on capital (ROC) hurdles.
Asset Management: Maximize returns from the high-interest-rate environment.
Lean Platform: Reduce management limits and overhead costs to improve the cost ratio.

Key Strengths

Tier 1 Status: One of the few globally diversified reinsurers with the scale to lead treaty negotiations.
High Solvency: A ratio of 210% provides a massive buffer against extreme events.
Diversification: The nearly 50/50 split between Life and P&C acts as a natural hedge (pandemics hurt Life but not P&C; hurricanes hurt P&C but not Life).
Proprietary Data: Decades of biometric and climate data allow for superior risk pricing.
Franchise Value: Long-standing relationships with virtually every major insurer in the world.

Key Challenges and Risks

SCOR discloses several risk factors in its Universal Registration Document:

L&H Assumption Risk: The risk that actual death or sickness rates exceed the actuarial assumptions used to price policies (materialized in 2024).
Natural Catastrophes: Increased frequency and severity of secondary perils (floods, wildfires) due to climate change.
Inflation: Social inflation (rising litigation costs) and economic inflation impacting claims costs in P&C.
Cyber Risk: The systemic accumulation of risk in Cyber reinsurance remains a major industry challenge.
Geopolitical Instability: Fragmentation of global markets affects the ability to pool risks globally.

Conclusion and Strategic Outlook

SCOR SE stands at a pivotal moment in its history. The 2024 financial year demonstrated the resilience of its diversified model: while the Life & Health division faced necessary actuarial adjustments, the Property & Casualty engine delivered stellar technical results, and the Investment portfolio generated strong recurring income.

Looking ahead to the remainder of the “Forward 2026” plan, SCOR is well-positioned. With a Solvency ratio of 210%, the Group has the capital strength to seize opportunities in a hard reinsurance market. The strategic focus remains clear: prioritizing economic value growth over volume, leveraging technology to refine risk selection, and maintaining a sustainable dividend policy for shareholders. As risks in the world become more complex—from climate change to cyber threats—SCOR’s “Art & Science of Risk” approach remains essential to the global economy.+1

Official Site: https://www.scor.com

FAQ

1. What does SCOR do? SCOR is a global reinsurance company. It insures insurance companies, helping them manage risks related to natural catastrophes, accidents, life events (mortality/longevity), and health issues.+1

2. Is SCOR a French company? Yes, SCOR is headquartered in Paris, France, but it is a “Societas Europaea” (SE), reflecting its pan-European legal structure and global operations.

3. What is the dividend for 2024? SCOR has proposed a dividend of EUR 1.80 per share for the 2024 fiscal year.

4. What is SCOR’s solvency ratio? As of the end of 2024, SCOR’s solvency ratio is 210%, which is within the upper part of its optimal target range (185%–220%).

5. How much revenue does SCOR generate? In 2024, SCOR reported Gross Written Premiums of EUR 20,064 million and Insurance Revenue of EUR 16,126 million.

6. Does SCOR sell insurance directly to individuals? No, SCOR is a reinsurer (B2B). It sells coverage to primary insurance companies. However, it offers services like Velogica that help insurers sell to individuals.

7. Who is the CEO of SCOR? Thierry Léger is the Chief Executive Officer of SCOR.

Source: Content on FirmsWorld.com is based on publicly available corporate filings, regulatory disclosures, annual reports, SEC 10-K filings, investor relations materials, and, where applicable, direct communications with the company.