Global reinsurance company SCOR announced a net loss of $566 million for the year 2022, which represents a substantial swing from the $262 million in profit posted by the company in 2021.

The CEO attributes this poor performance to uncontrollable factors like damage caused by Hurricane Ida, European flooding, and pandemic-related claims.

Notwithstanding the disappointing financial performance last year, SCOR’s CEO clarifies that the company is still well-capitalized, has its balance sheet in good order, has broadened its efforts toward expanding into new markets, and intends to pay a dividend of just over $2 per share just as it did the year before.

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