SCOR (SCR) Q1 2025 earnings summary

Executive summary

• Net income reached EUR 200 million in Q1 2025, with adjusted net income at EUR 195 million, reflecting strong profitability across all business segments.

• Solvency ratio improved to 212%, up two points from year-end 2024, and Economic Value increased by 6.8% versus Q4 2024, reaching EUR 9.0 billion.

• P&C combined ratio improved to 85.0% despite significant natural catastrophe losses, notably LA wildfires, while L&H delivered an insurance service result of EUR 118 million with neutral experience variance.

• Investments generated a 3.8% return on invested assets and a regular income yield of 3.5%, with a reinvestment rate of 4.3% as of March 2025.

• Economic value per share increased to EUR 51, up from EUR 48 at year-end 2024.

Financial highlights

• Insurance revenue was EUR 4.1 billion, down 1.2% year-over-year; gross written premiums were EUR 4.9 billion, down 0.9%.

• Adjusted ROE was 18.3% (annualized), up 2.8 pts year-over-year; net income increased 10.5% to EUR 195 million (excluding mark-to-market impact).

• Operating cash flow was EUR 150 million, with liquidity at EUR 2.2 billion at quarter-end.

• Economic Value per share rose to EUR 51 from EUR 48 at YE 2024.

• Financial leverage decreased to 23.6% from 24.5% at year-end 2024.

Outlook and guidance

• On track to achieve full-year objectives, including a 9% economic value growth target and a combined ratio below 87%.

• SCOR maintains its P&C strategy and underwriting discipline amid a softening market, with continued focus on profitable and diversifying growth.

• April 2025 renewals saw EGPI growth of 1.5%, with strategic expansion in Alternative Solutions (+33%) and Specialty Lines (+3.8%), offset by a decline in US Casualty.

• Life and health new business CSM expected to ramp up in 2026 as portfolio mix shifts to longevity and financial solutions.

• Investment returns expected to remain at the higher end of guidance due to favorable reinvestment rates.