SCOR has laid out a new strategic plan for 2024-2026, Forward 2026, in an effort to “fully benefit from the most supportive market environment in the past two decades.”
According to SCOR, the rapidly evolving risk landscape has led to a growing demand for protection and favourable market conditions for reinsurers. At the same time, the increase in both P&C reinsurance rates and interest rates is expected to support reinsurers’ margins.
“In such an environment, SCOR is well placed to seize market opportunities, benefiting from its leading global franchise, strong balance sheet, and differentiating in-house expertise,” SCOR explained.
SCOR’s Forward 2026 sets two “ambitious and equally weighted” targets. The first is a financial target of an economic value growth rate of 9% per annum, at constant interest and foreign exchange rates. The second is a solvency ratio target in the optimal 185% to 220% range, while also maintaining an AA-level of security for clients.
With Forward 2026, SCOR suggests it will drive value creation for its shareholders, clients, employees, and society as a whole.
The firm added that it “maintains a controlled risk appetite and disciplined underwriting as it acts on business opportunities created by the supportive market conditions, fueling growth on its diversified and equally weighted P&C and L&H portfolios.”
Thierry Léger, Chief Executive Officer of SCOR, said, “I am pleased to share SCOR’s new three-year strategic plan today.
“We are benefiting from the best market conditions seen in the last two decades, and we have a very strong franchise: I am confident that SCOR will thrive in this environment, growing in attractive segments, delivering on its financial and solvency targets, and creating significant value for its shareholders.
“Over the course of the next three years, we will also be building the SCOR of tomorrow: a dynamic, adaptable and reliable reinsurer, committed to protecting societies and supporting the energy transition. I very much look forward to embarking on this exciting journey with all our shareholders, clients, partners and colleagues.”
Fabrice Brégier, Chairman of SCOR, commented, “Thierry Léger and his team have built an ambitious strategic plan for SCOR for the next three years.
“This plan defines the best ways and means for the Group to consolidate its position as a global reinsurer, taking advantage of its global underwriting platform and technical know-how.
“The Board of Directors is confident in the Group’s ability to actively pursue its development, with the twofold objective of solvency and value creation. The new attractive capital management framework which we have adopted bears testimony to this.”