Alexandre
Garcia
Media Relations
Body
Group net income of EUR 217 million in Q3 2025 driven by all business activities (EUR 211 million adjusted1):
- P&C combined ratio of 80.9% with a low natural catastrophe experience and continued buffer building
- L&H insurance service result2 of EUR 98 million, with year-to-date 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 at 30 September 2025, up +12.7%4 at constant economics5 (down -0.9% on a reported basis) compared with 31 December 2024, implying an Economic Value per share of EUR 48
Estimated Group solvency ratio of 210%6 as at 30 September 2025, in the upper part of the optimal solvency range of 185%-220%
Annualized Return on Equity of 22.1% (21.5% adjusted1) in Q3 2025 implying an annualized Return on Equity of 19.9% (19.5% adjusted1) for the first nine months of 2025
SCOR SE’s Board of Directors met on 30 October 2025, under the chairmanship of Fabrice Brégier, to approve the Group’s Q3 2025 financial statements.
Thierry Léger, Chief Executive Officer of SCOR, comments: “SCOR achieves a strong quarter delivering an annualized RoE of 22.1% in Q3 2025. The excellent combined ratio in P&C reflects our disciplined underwriting and successful strategy to grow into profitable and diversifying lines of business, combined with low natural catastrophe activity during the quarter. In line with our opportunistic buffer building strategy, SCOR has already been able to add an amount of prudence comparable to that built in FY 2024. L&H is on track to deliver on its updated Forward 2026 ISR target, underpinned by solid CSM amortization and a neutral experience variance. Investments continue to deliver stable and strong results. Looking ahead to the 1.1 renewals and beyond, SCOR will continue to leverage its Tier 1 franchise and to execute on its Forward 2026 plan in a disciplined way.”
Group performance and context
SCOR records EUR 217 million net income (EUR 211 million adjusted1) in Q3 2025, driven by all business activities:
- In P&C, the combined ratio stands at 80.9% in Q3 2025, including a natural catastrophe ratio of 2.7%, reflecting a quarter of low natural catastrophe activity. Over the first nine months of 2025, the natural catastrophe ratio of 6.4% remains below budget despite the LA wildfire impact in Q1 2025. Although the attritional loss ratio was impacted by man-made losses, SCOR was able to continue with its buffer building strategy in Q3.
- In L&H, the insurance service result2 stands at EUR 98 million in Q3 2025, driven by a strong CSM amortization and a risk adjustment release, despite an impact from onerous contracts. On a 9M basis, the insurance result and experience variance are in line with expectations.
- In Investments, SCOR benefits from still-elevated reinvestment rates in Q3 2025 and records a regular income yield of 3.5%.
- The effective tax rate stands at 22.9% for Q3 2025, driven by the ongoing improved profitability of reinsurance activities under the French tax perimeter.
Over the first nine months of 2025, SCOR reports a net income of EUR 642 million (EUR 631 million adjusted1), implying an annualized Return on Equity of 19.9% (19.5% adjusted1).
The Group solvency ratio is estimated at 210% at the end of Q3 2025, in the upper part of the optimal range of 185%-220%, and stable compared to FY 2024 and H1 2025. The stable Group solvency ratio in Q3 reflects limited net capital generation in the absence of any significant P&C treaty reinsurance renewals, as well as the accrual of the FY dividend and neutral market variance over the quarter.
Group Economic Value3 under IFRS 17 stands at EUR 8.5 billion as at 30 September 2025, up +12.7%4 at constant economics compared with 31 December 2024.
(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 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 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 taking into account the dividend accrual for the first nine months based on the dividend paid for the fiscal year 2024 (EUR 1.8 per share).
