Scor Shs Prov Regpt (SZCRF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, everyone, and welcome to ScoreQ1 2025 results conference call. My name is Thomas Fossard, Head of Investor Relations, and I'm joined today on the call by Thierry Léger, our Group CEO, and François Barin, Deputy CEO and Group CFO, as well by other COMEX members. Can I please ask you to consider the disclaimer on page two of the presentation? And now I would like to hand over to Thierry. Thierry, over to you. Thank you, Thomas. Hello, everyone, and thanks for joining the call. Let me start with a few key messages. I'm satisfied with the first quarter results. The performance of our three business activities has been strong, delivering 195 million euros of net income, an 18.3% ROE, and an economic value growth of plus 6.8% at constant economic P&C performance was excellent in the first quarter on a reported and on a normalized basis. The combined ratio for Q1 2025 is at 85% ahead of our forward 2026 assumption of below 87%. This was achieved despite the 140 million impact from the Los Angeles fires. In addition, we have been able to build significant buffers thanks to an excellent nutritional loss ratio in the first quarter. In life and health, with an insurance service result of 180 million euros and a neutral experience variance for Q1, we are on track to reach our full year forward 2026 assumption of around 400 million ISR. We continue to execute on our three-step life and health plan established last summer to restore the profitability of our new and in-force business. After almost nine months in charge of our life and health business, I was particularly pleased last week to announce the appointment of Philippe Rude as the new CEO of our life and health business. I'm confident that Philippe, with his experience and expertise, will be able to restore ...