SCOR has announced plans to restructure its legal entity framework in the Asia-Pacific region as part of its ongoing Strategic Plan.
The company said the move is intended to create a more agile and efficient organization, with a focus on aligning services to improve client support and optimize the use of operational resources and capital.
As part of this latest initiative, SCOR SE Singapore Branch is proposing to transfer its entire business – including all life and health reinsurance contracts – to SCOR Reinsurance Asia-Pacific Pte Ltd.
The company expects the Proposed Transfer to take effect on Jan. 1, 2026, or on another date approved by the Singapore court. In a statement, SCOR said, “This initiative aims to align services to further enhance the delivery of high-quality client support, thereby maximizing operational resources and capital.”
The company also emphasized that restructuring is part of its broader strategy to streamline operations in the region.
The restructuring comes as SCOR continues to address leadership and performance challenges within its Life & Health segment. The company reported a net loss of €308 million, adjusted to €283 million, for the year. This was largely attributed to underperformance in the Life & Health reinsurance segment, which posted a Q2 insurance service result of -€329 million.
The segment’s results included a -€509 million impact from the 2024 Life & Health assumption review, partially offset by €143 million in gains from portfolio actions. SCOR has indicated that the full-year Life & Health insurance service result will fall short of the previously anticipated €500 million.
In April, the company appointed Philipp Rüede as CEO of Life & Health, succeeding Frieder Knüpling, as part of efforts to address the underperformance within the segment.
The company’s efforts to streamline operations in the region are further reflected in its recent consolidation of its Asia-Pacific divisions. Last year, SCOR merged its Life & Health Fast Growth Markets APAC and Life & Health Mature Markets APAC divisions into a single regional unit, SCOR L&H APAC.
Chloe Wang, who previously led the fast growth markets division and has been with SCOR since 2010, was appointed as head of the unified division.
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