Alexandre
Garcia
Media Relations
Body
Group net income of EUR 208 million in Q4 2025 driven by all business activities (EUR 214 million adjusted1):
P&C combined ratio of 80.9% with excellent attritional loss performance, allowing for buffer building
L&H insurance service result2 of EUR 115 million, with an experience variance in line with expectations over the course of 2025
Investments regular income yield of 3.8%, with continued attractive reinvestment rates
Q4 annualized Return on Equity of 20.4% (21.1% adjusted1), implying full year 2025 Return on Equity of 19.2% (19.1% adjusted1)
IFRS 17 Group Economic Value3 of EUR 8.5 billion as at 31 December 2025, up 13.7%4 at constant economics5 (down 1.1% on a reported basis) compared with 31 December 2024, implying an Economic Value per share of EUR 48
Group solvency ratio6 of 215% as at 31 December 2025, in the upper part of the optimal solvency range of 185%-220%
Proposed regular dividend of EUR 1.9 per share for 2025
SCOR SE’s Board of Directors met on 3 March 2026, under the chairmanship of Fabrice Brégier, to approve the Group’s Q4 2025 financial statements.
Thierry Léger, Chief Executive Officer of SCOR, comments: “Driven by the disciplined execution of our Forward 2026 strategic plan and the exceptional commitment of our teams, SCOR demonstrated the robustness of its leading franchise and diversified business model. We delivered, quarter after quarter, very solid results across all our activities. P&C maintained excellent underlying performance and continued to build prudence at a pace faster than planned. L&H benefited from the decisive actions taken in 2024 and a rigorous focus on execution throughout the year reporting an insurance result above guidance and a satisfactory experience variance. Supported by strong operating capital generation, our solvency ratio stands at 215%, at the upper end of the optimal range. Our proposed dividend of EUR 1.9 per share, up 5.6% from last year, offers an attractive dividend yield and demonstrates our ability to create sustainable value for our shareholders. At the 1.1 renewals, in a more competitive environment, SCOR achieved a positive outcome, combining growth with an adequate level of profitability. SCOR starts the year in a position of strength, and I am confident in our ability to achieve attractive returns for our shareholders and to deliver on our Forward 2026 objectives.”
Group performance and context
SCOR records EUR 208 million net income (EUR 214 million adjusted1) in Q4 2025, driven by all business activities:
- In P&C, the combined ratio stands at 80.9%, including a natural catastrophe ratio of 7.6%, reflecting a quarter of moderate natural catastrophe activity. Over the full year of 2025, the natural catastrophe ratio of 6.8% remains below budget despite the LA wildfires and hurricane Melissa impacts. The attritional loss and commission ratio stands at 74.7% in Q4 2025, reflecting an excellent underlying performance allowing for continued reserving discipline. The completion of the annual P&C year-end reserve review confirms all lines are at best estimate and our reserve resilience has increased.
- In L&H, the insurance service result2 stands at EUR 115 million, driven by a strong CSM amortization and risk adjustment release. On a full year basis, the insurance service result is above the updated Forward 2026 guidance. The portfolio is developing as expected: Q4 and FY 2025 experience variances are positive, and the volatility on underperforming contracts remains manageable.
- In Investments, SCOR records a regular income yield of 3.8% while continuing to benefit from still-elevated reinvestment rates.
- The effective tax rate stands at 31.1%.
Over the full year 2025, SCOR reports a net income of EUR 851 million (EUR 846 million adjusted1), implying an annualized Return on Equity of 19.2% (19.1% adjusted1).
The Group solvency ratio stands at 215% as at 31 December 2025, in the upper part of the optimal range of 185%-220%, and up 5 percentage points compared to FY 2024 and 9M 2025. Over FY 2025, the Group solvency ratio mainly reflects the strong net capital generation, the accrual of the FY dividend, and negative market variances.
The Group Economic Value3 under IFRS 17 stands at EUR 8.5 billion as at 31 December 2025, up 13.7%4 at constant economics compared to 31 December 2024.
Proposed regular dividend of EUR 1.9 per share
SCOR proposes a regular dividend of EUR 1.9 per share for the fiscal year 2025, up 5.6% compared to the fiscal year 2024.
This dividend will be submitted for shareholders’ approval at the 2026 Annual General Meeting, to be held on 28 April 2026. The Board proposes to set the ex-dividend date at 4 May 2026, and the payment date at 6 May 2026.
(Full press release available to download from the right sidebar)
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 The starting point is adjusted for the future payment of dividend of EUR 1.8 per share (EUR 322 million in total) for the fiscal year 2024, paid on 6 May 2025.
5 Growth at constant economic assumptions (i.e. adjusted for interest rate changes and FX impacts on shareholders’ equity and CSM) as at 31 December 2024 and excluding the mark to market impact of the option on own shares.
6 Solvency ratio estimated after accounting for the dividend accrual for the full year, based on the proposed dividend of EUR 1.9 per share.
