Media Relations
Body
Group net income of EUR 200 million in Q1 2025 driven by all business activities (EUR 195 million adjusted1)
- P&C combined ratio of 85.0%, despite LA wildfires and buffer building
- L&H insurance service result2 of EUR 118 million
- Investments regular income yield of 3.5%
IFRS 17 Group Economic Value3 of EUR 9.0 billion as of 31 March 2025, up +6.8% at constant economics3, 4. The Economic Value per share stands at EUR 51 (vs. EUR 48 as of 31 December 2024)
Estimated Group solvency ratio of 212%5 as of 31 March 2025, up 2 points from FY 2024
Annualized Return on Equity of 18.7% (18.3% adjusted1) in Q1 2025
SCOR SE’s Board of Directors met on 6 May 2025, under the chair of Fabrice Brégier, to approve the Group’s Q1 2025 financial statements.
Thierry Léger, Chief Executive Officer of SCOR, comments: “I am satisfied with the first quarter results. All business activities contribute to a strong consolidated Group net income. The P&C performance continues to be excellent with a combined ratio of 85%, after absorbing elevated Nat Cat events during the quarter and allowing for an additional level of prudence building. L&H improves its insurance service results with a neutral experience variance. In Investments, SCOR benefits from an elevated return on invested assets. Overall, we are starting the year with a high ROE of 18.7% and an improved solvency ratio of 212%, supported by positive net operating capital generation.”
Group performance and context
SCOR records EUR 200 million net income (EUR 195 million adjusted1) in Q1 2025, supported by all business activities:
- In P&C, the combined ratio of 85.0% in Q1 2025 is primarily driven by a low attritional loss and commission ratio of 74.7% reflecting an excellent underlying performance and allowing for buffer building. The natural catastrophe claims ratio stands at 12.5% mainly driven by losses related to the LA wildfires.
- In L&H, the insurance service result2 stands at EUR 118 million in Q1 2025, driven by a level of CSM amortization and risk adjustment release in line with expectations, and a neutral experience variance.
- In Investments, SCOR benefits from an elevated regular income yield of 3.5% in Q1 2025 along with continued attractive reinvestment rates.
- The effective tax rate stands at 29.7% for Q1 2025.
The annualized Return on Equity stands at 18.7% (18.3% adjusted1 ) in Q1 2025 and the Group Economic Value increases by 6.8% at constant economics3,4.
SCOR's Solvency ratio is estimated at 212% at the end of Q1 2025, up 2 points versus FY 2024, from positive net operating capital generation.
Footnotes
1 Adjusted by excluding the mark to market impact of the option on own shares.
2 Includes revenues on financial contracts reported under IFRS 9.
3 Defined as the sum of the shareholders’ equity and the Contractual Service Margin (CSM), net of tax. 25% notional tax rate applied on CSM.
4 Growth at constant economic assumptions as of 31 December 2024, excluding the mark to market impact of the option on own shares.
5 Solvency ratio estimated after taking into account the accrual for the first three months based on the dividend paid for the fiscal year 2024 (EUR 1.8 per share).
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