Scor Se Stock Earnings Reports

SCOR reported strong Q3 2025 results driven by P&C outperformance, stable investment income and Life & Health progressing in line with the Forward 2026 plan. Group net income for the quarter was EUR 211m, ROE 21.5%, and 9-month net income EUR 631m (ROE 19.5%). P&C combined ratio was an excellent 80.9% in Q3 (well ahead of the Forward 2026 <87% assumption) supported by very low catastrophe losses, though Q3 saw an increase in attritional (small- to midsized man‑made) claims which management took through the P&L rather than IBNR. Life & Health delivered EUR 98m insurance service result in Q3 and is on track to reach the ~EUR 400m full-year ISR guidance; new business CSM remains on track. Investments produced a regular income yield ~3.5% and RoIA ~3.3%, with EV growth of ~12.7% at constant FX (likely to exceed the Forward 2026 9% EV growth target). Group solvency ratio stayed around 210% (upper part of optimal range), with seasonality and Q2 market FX impacts noted; management reiterates Forward 2026 capital generation guidance (~1–2 pts solvency per year) but flagged lower net operating capital generation in Q3 due to timing/renewal seasonality. Management emphasized strict underwriting discipline, targeted selective growth across diversified specialty lines, opportunistic P&C buffer-building (now ~equal to full-year 2024 level after 9 months), and a Tier‑1 franchise that allows selective capital deployment. Guidance/positioning highlights: continue focus on capital efficiency, risk‑adjusted returns, selective growth in diversifying lines (engineering, inherent defects, structured solutions, facultative, longevity, international casualty), remain underweight in Nat Cat, and cautious approach in areas under close monitoring (marine, aviation, cyber, U.S. casualty).