First quarter 2026 results

SCOR SE’s Board of Directors met on 5 May 2026, under the chairmanship of Fabrice Brégier, to approve the Group’s Q1 2026 financial statements.

Thierry Léger, Chief Executive Officer of SCOR, comments:

“We delivered a solid first quarter performance, with all business activities contributing to a RoE of 21.7%. P&C continues to perform at an excellent level, with a combined ratio of 80.2%, allowing for additional buffer building and a precautionary IBNR provision related to the Middle East conflict. L&H performed in line with expectations. Investments continue to benefit from elevated returns on invested assets.

We continue to strengthen the resilience of our balance sheet by adding EUR 300 million of buffers to the P&C Best Estimate Liabilities. The Group solvency ratio increases by 5 points to 220%, driven by strong net operating capital generation.

I am confident in SCOR's ability to deliver on its 2026 objectives.”

Group performance and context

SCOR records EUR 225 million net income (EUR 220 million adjusted¹) in Q1 2026, supported by all business activities:

• In P&C, the combined ratio stands at 80.2% in Q1 2026, including a natural catastrophe ratio of 4.2%, reflecting a benign quarter of natural catastrophe activity. The attritional loss and commission ratio of 77.7% allows for continued opportunistic buffer building and a precautionary mid-double-digit IBNR⁶ provision related to the uncertainties associated with the Middle East conflict.
• In L&H, the insurance service result² stands at EUR 107 million in Q1 2026, driven by CSM amortization, risk adjustment release in line with expectations, and experience variance within the expected range.
• In Investments, SCOR benefits from a still-elevated reinvestment rate in Q1 2026 and records a regular income yield of 3.6%.
• The effective tax rate stands at 29.8% for Q1 2026.

The Return on Equity stands at 21.7% (21.1% adjusted¹) in Q1 2026 and the Group Economic Value increases by 7.4% at constant economics⁴.

SCOR's Solvency ratio is estimated at 220% at the end of Q1 2026, up 5 percentage points versus FY 2025, driven by a strong net operating capital generation consistent with the FY 2026 guidance, and supported by the January 1 P&C Treaty renewals and Q1 benign Nat Cat experience.

In Q1 2026, SCOR strengthened its Solvency II balance sheet resilience with an exceptional EUR 300 million of buffer added to P&C Best Estimate Liabilities, following an internal capital management optimization.

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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 (i.e. adjusted for interest rate changes and FX impacts on shareholders’ equity and CSM) as at 31 March 2026, and 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 2025 (EUR 1.9 per share).

⁶ Incurred But Not Reported.