France · Delayed Price · Currency is EUR SCOR SE Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw net income of EUR 220 million and a 21.1% ROE, with all segments contributing to strong results. Solvency ratio rose to 220% after a EUR 300 million buffer addition, and disciplined underwriting limited margin deterioration despite competitive pressures.
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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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Net income reached €225 million in Q2 2025 with a 22.6% ROE and a 210% solvency ratio, driven by strong P&C and Life & Health performance. Guidance for P&C revenue growth in 2025 was revised to flattish, while the company remains confident in its Forward 2026 plan.
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Q1 2025 saw strong results with EUR 195 million net income, 18.3% ROE, and 6.8% economic value growth. P&C delivered an 85% combined ratio despite CAT losses, while life and health and investments performed well. Guidance for the year remains on track.
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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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Reserve reviews confirm strong positions, enabling a strategic reset and accelerated delivery on Forward 2026. Life & Health shifts to higher-margin, diversified business, while P&C exceeds growth and profitability targets ahead of plan. Financial guidance is reaffirmed, with a focus on capital efficiency, dynamic ALM, and sustainable value creation.
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Solid P&C and investment results were offset by a one-off Life and Health review, leading to a net loss and negative ROE for Q3, but underlying performance and solvency remain strong. A three-step Life and Health remedial plan and new capital solutions support future growth.
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P&C and investments delivered strong growth and profitability, while life and health results were heavily impacted by a reserve assumption review, prompting a decisive three-step recovery plan. Solvency remains robust within the target range, but economic value growth will fall short of 2024 targets.