Half-year 2022 results - The combination of the war in Ukraine, Natural Catastrophe events and the severe drought in Brazil affect SCOR’s profitability in H1 2022
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Thursday, July 28, 2022
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The combination of the war in Ukraine, Natural Catastrophe events and the severe drought in Brazil affect SCORs profitability in H1 2022.
Key Points:
- The combination of the war in Ukraine, Natural Catastrophe events and the severe drought in Brazil affect SCORs profitability in H1 2022.
- The combination of these events has significantly affected SCORs results, leading to a net loss of
EUR -239 million for the first half of 2022, of which EUR -159 million was incurred in the second quarter. - The reduced profitability notably reflects the cost of the claims related to the drought that impacted corn and soy crops in southern regions of Brazil.
- SCOR is currently adopting a more selective approach in Reinsurance P&C Lines, however the H1 2022 GWP growth is still benefitting from recent underwriting years.