Scor Stock Earnings Reports

SCOR reported a strong Q3 2025: group net income for the quarter was EUR 211m (EUR 631m year-to-date), return on equity 21.5% in Q3 (19.5% YTD), and economic value (EV) growth of +12.7% at constant FX—making it likely FY EV growth will exceed the Forward 2026 guidance of 9%. Key operating highlights: P&C delivered an excellent Q3 combined ratio of 80.9% (YTD Nat Cat ratio 6.4% vs. budget 10%), with opportunistic reserve/buffer building continued (amount added in Q1–Q3 equals the full 2024 build). Life & Health is on track to reach the Forward 2026 insurance service result target (~EUR 400m) with Q3 ISR of EUR 98m and new business CSM of EUR 82m (EUR 284m YTD). Investments produced a 3.3% return on invested assets in Q3 and a regular income yield of 3.5%; a small real estate impairment (c. EUR 12m) was booked. Group solvency ratio ended Q3 at 210% (stable vs Q2), in the upper part of SCOR’s optimal range; management reiterated Forward 2026 solvency-generation guidance (~1–2 pts p.a.) but highlighted seasonality and the impact of FX/market moves (notably Q2). Strategy and positioning: management emphasizes strict underwriting discipline amid increasing market competition, continued focus on capital efficiency and risk-adjusted returns, selective growth in diversified specialty lines (engineering, inherent defect, credit, structured solutions, international casualty, facultative, longevity), and leveraging their Tier 1 franchise. Outlook and risks: management expects a still-attractive but more competitive P&C market into 2026, plans to slow opportunistic buffer pace if market softens, will continue close monitoring of nat-cat, climate and casualty exposures, and remains confident in delivering Forward 2026 targets.