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Scor sets same growth target in new strategic plan

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Scor sets same growth target in new strategic plan

Scor SE is targeting growth of between 4% and 7% per year in a new strategic plan through 2021, the same as in its previous plan.

Under its "Quantum Leap" plan, the company is also eyeing a return on equity above 800 basis points over a five-year risk-free rate and a solvency ratio in the 185% to 220% range. Scor said profitability and solvency targets set out in the plan are "ambitious in the current financial and economic environment."

Subsidiary Scor Global P&C SE's gross written premiums are expected to grow between 4% and 8% annually, and the unit is anticipated to record a net combined ratio of about 95% to 96% over the plan. On its pending acquisition of Coriolis Capital Ltd., the group expects an average annualized return on invested assets in the range of 2.4% to 2.9% over the plan.

Scor is investing €250 million, mostly on the digital aspects of the business, as part of the plan.

"In this increasingly stochastic and complex environment, the future of the reinsurance industry depends upon embracing new technologies and the ability to manage and analyze data," Chairman and CEO Denis Kessler said.

Quantum Leap will end in line with the new IFRS 17 accounting standard that the group will implement effective Jan. 1, 2022. The group said it attained its profitability and solvency targets in its prior "Vision in Action" plan. It recorded an average normalized RoE of 9.5%, or 876 bps, over risk-free rates, and an average solvency ratio of 219%, which is in the upper part of the optimal solvency range.