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AM Best has downgraded the SCOR group's rating and that of its main operating subsidiaries.
The financial strength rating was lowered from "A+" (Superior) to "A" (Excellent), while the long-term credit rating was raised from "aa-" (Superior) to "a+" (Excellent). The outlook changed from negative to stable.
This decision came as a result of the French reinsurer's deteriorating operational performance. The latter has recorded a net loss of 301 million EUR (321.3 million USD) and a combined ratio of 113.2% in 2022, which were mainly impacted by natural catastrophe claims and the consolidation of the reserves set up in Q3 of the past year.
The average non-life combined ratio for the period (2018-2022) stood at 102.5% and the return on equity (ROE) at 3.5%.
Despite these results, SCOR continues to demonstrate adequate operational performance, a strong balance sheet, a favorable business profile and appropriate enterprise risk management.