The reinsurer posted Q2 net income of €-136m, hit by high claims reserve provisions of €456m to cover the COVID-19 impact. However, this amount exceeds 3x the observed real impact until the end of June 2020 that stood at €151m. The exposure to the US market was behind the extreme cautiousness of management (€182m of reserves). The capital position remains solid with a Solvency II ratio at 205%.
23 Jul 2020
Strong claims reserve provisions to turn the page of the pandemic completely
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Strong claims reserve provisions to turn the page of the pandemic completely
SCOR SE (SCR:PAR) | 0 0 (-0.2%) | Mkt Cap: 6,833m
- Published:
23 Jul 2020 -
Author:
Bassem Neifer -
Pages:
2
The reinsurer posted Q2 net income of €-136m, hit by high claims reserve provisions of €456m to cover the COVID-19 impact. However, this amount exceeds 3x the observed real impact until the end of June 2020 that stood at €151m. The exposure to the US market was behind the extreme cautiousness of management (€182m of reserves). The capital position remains solid with a Solvency II ratio at 205%.