SCOR launches its new strategic plan



“Forward 2026”

Driving value creation. Shaping the reinsurer of tomorrow.



At its 2023 Investor Day in Paris, SCOR presents its new strategic plan for 2024-2026,  Forward 2026.


SCOR takes a step forward to fully benefit from the most supportive market environment in the past two decades

As the world continues to undergo fundamental changes, risks are multiplying, and intensifying, creating unprecedented challenges for societies. This rapidly evolving risk landscape has led to a growing demand for protection, and to favorable market conditions for reinsurers. At the same time, the increase in both P&C reinsurance rates and interest rates is expected to support reinsurers’ margins.

In such an environment, SCOR is well placed to seize market opportunities, benefiting from its leading global franchise, strong balance sheet, and differentiating in-house expertise. Forward 2026 will combine the art and science of risk to protect societies, while firmly maintaining sustainability at the heart of the Group’s raison d’être.



SCOR is set to accelerate value creation over the next three years

Forward 2026 sets two ambitious and equally weighted targets over the duration of the plan:

  • A financial target: an Economic Value growth rate of 9% per annum, at constant interest and foreign exchange rates .1;
  • A solvency target: a solvency ratio in the optimal 185% to 220% range. The Group aims to maintain a AA-level of security for its clients.

With Forward 2026, SCOR will drive value creation for its shareholders, clients, employees, and for society as a whole. The Group maintains a controlled risk appetite and disciplined underwriting as it acts on business opportunities created by the supportive market conditions, fueling growth on its diversified and equally weighted P&C and L&H portfolios.

All three businesses contribute to growth and value creation:

  • In Life & Health (L&H) reinsurance, leverages the full potential of its leading platform to grow its Contractual Service Margin (CSM) through (i) further growth of the Protection portfolio across geographies, (ii) diversification of the Longevity franchise globally, (iii) increased revenues from Financial Solutions, and (iv) further deployment of digital services to differentiate its product offering. L&H actively manages its portfolio to ensure the translation of profits into cash flows. SCOR aims to deliver a L&H insurance service result between EUR 500 million and EUR 600 million per annum over 2024-2026. Improved operating cash flows should reach between EUR 0.2 billion and EUR 0.4 billion by 2026. 
  • In Property & Casualty (P&C) (re)insurance, SCOR expects the hard market to continue, which should enable the Group to grow in selected attractive lines while building a balanced and resilient portfolio. In Reinsurance, SCOR enhances portfolio diversification, maintains a prudent approach on business exposed to climate change and accelerates the development of Alternative Solutions. In Specialty Insurance, SCOR grows diversifying lines whilst considering their respective cycles, leverages leading position in Construction and Energy to meet the world’s infrastructure and transition needs, and actively manages volatility. SCOR aims to deliver a P&C insurance revenue CAGR of 4% to 6% between 2023 and 2026. It targets a P&C net combined ratio of below 87% over 2024-2026. The Nat Cat ratio is maintained at 10% of the net insurance revenue.
  • In Investments, SCOR maintains its prudent and sustainable investment strategy, capitalizes on its relatively short portfolio duration, and benefits from a high reinvestment rate environment to increase its regular income yield to between 3.4% and 3.8% by 2026. SCOR continues to expand its third-party asset management at SCOR Investment Partners, offering differentiated value propositions through strategies focused on recurring returns, with limited downside risk and sustainable offerings.
    Based on the assumptions above, the return on equity is expected to be in excess of 12% per annum2 over 2024-2026.  



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Footer notes :


Annual growth at constant economics (the starting point of each year being adjusted for the dividend for the preceding year)

Assuming a 30% corporate income tax rate for the plan period


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