Alexandre
Garcia
Media Relations
Body
Group net income of EUR 206 million in Q3 2026 driven by all business activities
- P&C combined ratio of 84.1%, despite an active quarter in natural catastrophe losses and with continued buffer building
- L&H insurance service result1 of EUR 119 million, with experience variance in line with expectations
- Investments regular income yield of 4.1%
IFRS 17 Group Economic Value2 of EUR 8.9 billion as at 30 September 2026 up 4.0% on a reported basis and up 11.9%3 at constant economics4 compared to 31 December 2025, implying an Economic Value per share of EUR 50
Estimated Group solvency ratio of 221%5 as at 30 September 2026, up 6 percentage points compared to 31 December 2025
Annualized Return on Equity of 20.4% in Q3 2026, implying an annualized Return on Equity of 18.9% (19.3% adjusted6) for the first nine months of 2026
SCOR SE’s Board of Directors met on 29 October 2026, under the chairmanship of Fabrice Brégier, to approve the Group’s Q3 2026 financial statements.
Thierry Léger, Chief Executive Officer of SCOR, comments:
“SCOR achieved another strong performance this quarter, across all three businesses. P&C delivers both revenue growth and profitability, with a combined ratio well below the 87% target despite an active natural catastrophe quarter. L&H delivers a robust insurance service result combined with experience variance within the expected range. Our investment portfolio continues to deliver attractive returns. With a solvency ratio of 221%, SCOR is entering the final stretch of Forward 2026 with a strengthened balance sheet as it prepares to unveil its new strategic plan on 3 December.”
Group performance and context
SCOR records EUR 206 million net income in Q3 2026, supported by all business activities:
- In P&C, the combined ratio stands at 84.1%, including a natural catastrophe ratio of 9.1%. The combined ratio also reflects strong attritional loss experience, as well as additional buffer building.
- In L&H, the insurance service result1 stands at EUR 119 million, with a positive experience variance of EUR 12 million.
- In Investments, SCOR benefits from still-elevated reinvestment rates and records a high regular income yield of 4.1%.
- The effective tax rate stands at 28.5%.
The annualized Return on Equity stands at 20.4% in Q3 2026 and the Group Economic Value over the first nine months of 2026 increases by 11.9%3 at constant economics4. Over the first nine months of 2026, SCOR reports a net income of EUR 603 million (EUR 615 million adjusted6), implying an annualized Return on Equity of 18.9% (19.3% adjusted6).
The Group solvency ratio is estimated at 221% at the end of Q3 2026, up 6 percentage points versus FY 2025. The increase over nine months is driven by operating capital generation from all businesses, which more than offsets the capital deployment for business growth, deleveraging actions, and the accrual of dividend.
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Footnotes
1 Includes revenues on financial contracts reported under IFRS 9.
2 Defined as the sum of the shareholders’ equity and the Contractual Service Margin (CSM), net of tax. 25% notional tax rate applied on CSM.
3 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.
4 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.
5 Solvency ratio estimated after taking into account the dividend accrual for the first nine months based on the dividend paid for the fiscal year 2025 (EUR 1.9 per share).
6 Adjusted by excluding the mark to market impact of the option on own shares.
