Media Relations
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Group net income of EUR 226 million in Q2 2025 driven by all business activities (EUR 225 million adjusted1)
P&C combined ratio of 82.5% with benign natural catastrophe experience and excellent attritional loss performance allowing for additional buffer building
L&H insurance service result2 of EUR 118 million, with H1 experience variance in line with expectations
Investments regular income yield of 3.5%, with continued attractive reinvestment rates
IFRS 17 Group Economic Value3 of EUR 8.5 billion as of 30 June 2025, up +10.5%4 at constant economics5 (down -1.7% on a reported basis) compared with 31 December 2024, implying an Economic Value per share of EUR 47 (vs. EUR 48 as of 31 December 2024)
Estimated Group solvency ratio of 210%6 as of 30 June 2025, in the upper part of the optimal solvency range of 185%-220%
Annualized Return on Equity of 22.6% (22.6% adjusted1) in Q2 2025 implying an annualized Return on Equity of 20.3% in H1 2025 (20.1% adjusted1)
SCOR SE’s Board of Directors met on 30 July 2025, under the chairmanship of Fabrice Brégier, to approve the Group’s Q2 2025 financial statements.
Thierry Léger, Chief Executive Officer of SCOR, comments: “After a strong first quarter, all our business activities continue to perform well, contributing to a Group net income of EUR 226 million in the second quarter of 2025. The excellent combined ratio in P&C is the result of our disciplined underwriting and of successful strategy to grow into profitable and diversifying lines of business. This allows us to build an additional level of prudence to our P&C reserves. L&H and Investments also deliver strong results. Despite increased competition in the P&C reinsurance segment, SCOR has compensated the impact by optimizing its business mix and retrocession, leading to an unchanged net expected technical profitability in the treaty renewals year-to-date. I remain confident for the rest of the year and in SCOR’s ability to execute the Forward 2026 strategic plan.”
Group performance and context
SCOR records EUR 226 million net income (EUR 225 million adjusted1) in Q2 2025, supported by all business activities:
- In P&C, the combined ratio stands at 82.5% in Q2 2025, including a natural catastrophe ratio of 3.8%, reflecting a benign quarter of low natural catastrophe activity. Over the first six months of 2025, the natural catastrophe ratio of 8.2% remains below the budget despite the LA wildfire impact in Q1. The excellent Nat Cat and attritional loss performance in the second quarter allow for additional buffer building.
- In L&H, the insurance service result2 stands at EUR 118 million in Q2 2025, driven by a strong CSM amortization including some positive one-offs, a risk adjustment release and a H1 experience variance in line with expectations.
- In Investments, SCOR benefits from still-elevated reinvestment rates in Q2 2025 and records a high regular income yield of 3.5%.
- The effective tax rate stands at 28.3% for Q2 2025.
The annualized Return on Equity stands at 22.6% (22.6% adjusted1) in Q2 2025 and the Group Economic Value over the first half of 2025 increases by 10.5%4 at constant economics5. Over the first half of 2025, SCOR reports a net income of EUR 425 million (EUR 420 million adjusted1), implying an annualized Return on Equity of 20.3% (20.1% adjusted1).
The Group solvency ratio is estimated at 210% at the end of Q2 2025, in the upper part of the optimal range of 185%-220%, and stable versus FY 2024. This is supported by the strong operating capital generation from all business activities, net of capital deployment for business growth and the accrual of dividend for the first half of 2025, partly offset by unfavorable market variances.
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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 Not annualized. 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 in 2025.
5 Growth at constant economic assumptions (i.e. adjusted for interest rate changes and FX impacts on shareholders’ equity and CSM) as of 31 December 2024 and excluding the mark to market impact of the option on own shares.
6 Solvency ratio estimated after taking into account the dividend accrual for the first six months based on the dividend paid for the fiscal year 2024 (EUR1.8 per share).
