January 2025 P&C Reinsurance Renewals Results: Sustained growth in preferred lines coupled with attractive margins

Press release

4 February 2025 - N° 02

January 2025 P&C Reinsurance Renewals Results

Sustained growth in preferred lines coupled with attractive margins



  

• In line with its Forward 2026 strategic plan, SCOR continues to grow its P&C preferred lines while maintaining a strong underwriting discipline.

• During the January 2025 P&C renewals, SCOR achieves EGPI¹ growth of 9.6%² supported by Specialty lines and Alternative Solutions: 

• • Increasing EGPI by 8.1%² for Engineering, Marine, IDI and International Casualty;
  • Leveraging the strong momentum in Alternative Solutions and growing EGPI by 29.6%²;
  • Maintaining a prudent approach to business exposed to climate change and US Casualty. 

• SCOR’s expected technical profitability remains unchanged at attractive level benefitting from dynamic retrocession buying.

Jean-Paul Conoscente, CEO for P&C at SCOR, comments: “We are satisfied with the successful 1.1 2025 renewals results. SCOR achieves a +9.6% EGPI growth while maintaining a stable technical profitability. We continue to deliver targeted growth in our preferred lines of business, while keeping T&Cs mostly unchanged. Despite the slight rate reduction observed in the market, SCOR successfully maintains stable pricing thanks to its proactive portfolio management. Looking ahead, we believe the market still offers opportunities for profitable growth. SCOR will continue to leverage on its Tier 1 franchise and build on the strong momentum achieved during the 1.1 renewals.”

January 2025 P&C Reinsurance Renewals

During the January 2025 renewals, demand for reinsurance coverage remains elevated. Following an increase in capital supply, the market conditions have become slightly more competitive compared to the peak level of the cycle observed last year. In this context, SCOR maintains strict underwriting discipline and successfully grows its preferred lines according to its Forward 2026 growth strategy, keeping T&Cs mostly stable and maintaining the net profitability of its P&C Reinsurance book unchanged.

P&C Reinsurance book renewed at 1 January 2025⁽¹⁾:

(1).   Approximately 64% of SCOR’s P&C Reinsurance premiums – representing c.50% of SCOR’s total P&C premiums – is renewed in January.

(2).   P&C Lines include Property, Property Cat, Casualty, Motor, and other related lines (Personal Insurance, Nuclear, Terrorism, Special Risks, Motor Extended Warranty, and Inwards Retrocession).

(3).   Specialty Lines include Agriculture, Aviation, Credit & Surety, Inherent Defects Insurance, Engineering, Marine and Offshore, Space, and Cyber.





P&C Lines EGPI grows by 2.9%², driven by continued disciplined Nat Cat underwriting and decreasing exposures in US Casualty. Natural Catastrophe premiums remain flat with a slight increase in net exposure. In US Casualty, SCOR maintains a prudent approach and renews its portfolio with selected clients. This leads to a 11.0%² decrease in US Casualty EGPI and continued exposure reduction to this business.

Specialty Lines EGPI grows by 14.3%². This is driven by +17.2%² EGPI growth in diversifying lines (Engineering, Marine and IDI) in line with the Forward 2026 plan.

Alternative Solutions EGPI grows by 29.6% compared to 1^st January last year, with continued positive new business momentum across all regions.

The expected net technical profitability remains unchanged for the renewed portfolio. This reflects continued discipline along with dynamic retrocession buying, which offsets the inward business margin erosion from commissions, modelling changes and the impact of the business mix.

SCOR leverages the changing market environment to optimize its retrocession structures. SCOR maintains its risk exposure within its risk appetite defined in Forward 2026.

For the upcoming renewals in 2025, SCOR expects continued discipline and adequate prices. In parallel, SCOR continues to develop risk partnerships with new and existing partners.

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Financial information

All figures in this press release are unaudited unless otherwise specified.

Unless otherwise specified, all figures are presented in Euros.

Any figures for a period subsequent to 30 September, 30 2024 should not be taken as a forecast of the expected financials for these periods.

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All figures are based on available information as of January 25, 2025 unless otherwise specified.

¹ Estimated Gross Premium Income (EGPI).

² vs 1 January 2024 EGPI.

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