SCOR SE Chief Executive Officer Thierry Leger said he’s taking over control of the company’s life and health unit after it led the firm to report its first quarterly loss since 2022.
The Paris-based reinsurer posted a loss of €308 million ($333 million) in the three months through June, missing analysts’ estimates. The result was driven by a €329 million operational loss in the life and health unit following a claims review.
Earlier this month, SCOR warned investors that its life and health business could face operational losses in the quarter, and that further negative adjustments could occur by the end of the year. The stock dropped as much as 30% that day.
Leger said in a statement Tuesday that he’s “disappointed” by the unit’s performance, and announced he’s taking over its management from Frieder Knupling, who is leaving the group to “pursue new professional opportunities.”
The CEO said he has a plan to restore profitability at the unit and aims to present details at an investor day in December.
SCOR shares rose as much as 3.7% in early Paris trading, paring losses this year to about 18%.
“We believe management action is ongoing, and the group could have further positives down the line,” Keefe Bruyette & Woods analyst Darius Satkauskas wrote in a note to clients Tuesday. “However, restoring confidence could take time.”
Related:
Topics Profit Loss Reinsurance
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