Scor 9-Month Net Income Turns To Loss Of 509 Million Euros

 Scor 9-Month Net Income Turns To Loss Of 509 Million Euros
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Nov 9 (Reuters) - Scor SE:


* FIRST NINE MONTHS 2022 RESULTS

* ESTIMATED SOLVENCY RATIO OF 217% AT THE END OF SEPTEMBER 2022, AT THE HIGH END OF SCOR’S OPTIMAL RANGE

* GROSS WRITTEN PREMIUMS OF EUR 14,827 MILLION IN THE FIRST NINE MONTHS OF 2022, UP 6.2% COMPARED WITH 9M 2021

* NET LOSS OF EUR -509 MILLION IN THE FIRST NINE MONTHS OF 2022, COMPARED WITH EUR 339 MILLION NET INCOME IN 9M 2021

* SHAREHOLDERS’ EQUITY OF EUR 5,430 MILLION AT THE END OF SEPTEMBER 2022, IMPLYING A BOOK VALUE PER SHARE OF EUR 30.39, DOWN -13.8% FROM DECEMBER 2021 (EUR 35.26)

* AIMS TO DELIVER EUR 125 MILLION YEARLY EFFICIENCY GAINS BY 2025

* WILL COMPLETE ITS IFRS 17-BASED ECONOMIC PERFORMANCE FRAMEWORK IN 2023

* THE QUARTER HAS BEEN DIFFICULT, AND THE RESULTS ARE SIGNIFICANTLY BELOW THE GROUP’S EXPECTATIONS - CEO

* OUR SHORT-TERM PRIORITY IS THE RESTORATION OF OUR FINANCIAL PERFORMANCE - CEO

* THE INCREASING DEMAND FOR LIFE REINSURANCE PRODUCTS AND THE INCREASE IN INTEREST RATES ARE DRIVERS THAT SHOULD FAVOR POSITIVE DEVELOPMENTS FOR REINSURERS - CEO

* GROUP’S TOTAL LIQUIDITY IS STRONG, STANDING AT EUR 2.3 BILLION AS AT SEPTEMBER 30, 2022 Source text: https://bit.ly/3WQiMvh Further company coverage: (Gdansk Newsroom)

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