France · Delayed Price · Currency is EUR SCOR SE Earnings Call Transcripts
Fiscal Year 2026
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January 2026 renewals delivered 4.7% EGPI growth (excluding Alternative Solutions) and 80.5% growth in Alternative Solutions, with a -1.9% gross price change and a below 87% net combined ratio target. Cat exposures remain flat outside the US, with selective growth in US Cat and continued focus on underwriting discipline.
Fiscal Year 2025
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Record net income and ROE in 2025, with all segments contributing and cost savings ahead of plan. Dividend rises to EUR 1.9 per share, solvency ratio at 215%, and positive outlook for 2026 with continued disciplined growth and capital generation.
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Q3 saw strong net income, robust P&C performance with a low combined ratio, and continued buffer-building in reserves. Life and health results are on track, investment returns remain solid, and the solvency ratio is stable. Focus is on underwriting discipline amid a more competitive market.
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H1 2025 saw strong results with €225M net income, 22.6% ROE, and a 210% solvency ratio. P&C combined ratio was 82.5%, Life & Health performed well, and capital generation was robust. Guidance for 2025 P&C revenue growth is now flattish, with optimism for 2026.
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Q1 2025 saw strong net income, high ROE, and robust economic value growth, with all segments contributing positively. P&C outperformed on combined ratio despite cat losses, while life and health and investments delivered solid results. Guidance and outlook remain confident.
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January 2025 renewals delivered 9.6% EGPI growth, driven by specialty and Alternative Solutions, with stable expected profitability and disciplined risk management. Retrocession costs fell, exposures remain within risk appetite, and the Forward 2026 strategy is on track.
Fiscal Year 2024
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Strong P&C performance and resilient balance sheet led to a positive full-year net income, with accelerated reserve buffer building and a 210% solvency ratio. Life and Health remains volatile but is improving, and a €1.8 dividend is proposed.
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Confirmed 9% annual economic value growth and >12% ROE for 2025-2026, with accelerated cost savings, dynamic capital allocation, and a shift in Life & Health toward higher-margin, diversified business. P&C exceeded targets, buffer building is now opportunistic, and reserves are externally validated. Dividend policy and sustainability commitments remain unchanged.
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Strong P&C and investment results were offset by a one-off Life and Health review impact, leading to a net loss and negative ROE, though underlying trends remain positive. Solvency ratio improved to 203% with new capital solutions, and reserve buffers in P&C are ahead of plan.
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P&C and investment segments delivered strong growth and profitability, while life and health results were heavily impacted by a reserve assumption review, leading to a significant net loss and a downward revision of full-year targets. A three-step plan is underway to restore life and health profitability.