Alexandre
Garcia
Media Relations
Body
Group net income of EUR 171 million in Q2 2026 driven by all business activities (EUR 188 million adjusted1)
- P&C combined ratio of 79.5%, with benign natural catastrophe experience, excellent attritional loss performance and additional buffer building
- L&H insurance service result2 of EUR 49 million (EUR 113 million excluding a one-off arbitration outcome), with H1 2026 experience variance in line with expectations
- Investments regular income yield of 3.6%, with continued attractive reinvestment rates
IFRS 17 Group Economic Value3 of EUR 9.0 billion as at 30 June 2026, up 10.5%4 at constant economics5 (up 5.8% on a reported basis) compared to 31 December 2025, implying an Economic Value per share of EUR 50 (vs. EUR 48 as at 31 December 2025)
Estimated Group solvency ratio of 220%6 as at 30 June 2026, up 5 percentage points compared to 31 December 2025
Annualized Return on Equity of 16.3% (18.0% adjusted1) in Q2 2026, implying an annualized Return on Equity of 18.5% in H1 2026 (19.0% adjusted1)
SCOR SE’s Board of Directors met on 29 July 2026, under the chairmanship of Fabrice Brégier, to approve the Group’s Q2 2026 financial statements.
Thierry Léger, Chief Executive Officer of SCOR, comments:
“SCOR achieved another strong set of results this quarter, demonstrating the consistency and resilience of its earnings. This performance reflects the remarkable engagement of our teams, the strength of our client relationships and diversified business model and the disciplined execution of our strategy across all three businesses. In P&C, we continued to combine diversified growth with strict underwriting discipline in an increasingly competitive market. In L&H, we delivered another quarter in line with expectations while our investment portfolio continued to generate attractive and recurring income. The Group solvency ratio stood at 220% at quarter-end, with capital generation in line with our FY 2026 guidance. Overall, these results underscore the robustness of our operating model and our ability to steer performance through changing market conditions. We have entered the second half of 2026 from a position of strength, firmly focused on delivering Forward 2026.”
Group performance and context
SCOR records EUR 171 million net income (EUR 188 million adjusted1) in Q2 2026, supported by all business activities:
- In P&C, the combined ratio stands at 79.5% in Q2 2026, including a natural catastrophe ratio of 2.9%, reflecting a benign quarter of low natural catastrophe activity. This includes excellent Nat Cat and attritional loss performances, as well as additional buffer building.
- In L&H, the insurance service result2 stands at EUR 49 million in Q2 2026, impacted by a negative experience variance which follows the outcome of a one-off arbitration. Excluding this impact, the Q2 ISR stands at EUR 113 million, with a positive experience variance of EUR 4 million.
- In Investments, SCOR benefits from still-elevated reinvestment rates in Q2 2026 and records a high regular income yield of 3.6%.
- The effective tax rate stands at 24.1% for Q2 2026.
The annualized Return on Equity stands at 16.3% (18.0% adjusted1) in Q2 2026 and the Group Economic Value over the first half of 2026 increases by 10.5%4 at constant economics5. Over the first half of 2026, SCOR reports a net income of EUR 397 million (EUR 409 million adjusted1), implying an annualized Return on Equity of 18.5% (19.0% adjusted1).
The Group solvency ratio is estimated at 220% at the end of Q2 2026, up 5 percentage points versus FY 2025. This is supported by operating capital generation from all businesses, net of capital deployment for business growth, deleveraging actions, and the accrual of dividend for the first half of 2026.
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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 dividend of EUR 1.9 per share (EUR 340 million in total) for the fiscal year 2025, paid in 2026.
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 2025 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 2025 (EUR 1.9 per share).
