SCOR (SCR) Q1 2025 earnings summary

Executive summary

• Net income for Q1 2025 reached EUR 200 million, with adjusted net income at EUR 195 million, ROE of 18.3%, and economic value growth of 6.8% at constant economics, all business segments contributing positively.

• P&C combined ratio improved to 85.0% despite significant natural catastrophe losses, notably LA wildfires, outperforming forward 2026 assumptions.

• Life and health insurance service result reached EUR 118 million with neutral/stable experience variance, and new business CSM at EUR 76 million.

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

• Group Economic Value increased by 6.8% at constant economics, with solvency ratio at 212%.

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 net income for Q1 was EUR 195 million, with annualized ROE of 18.3% (18.7% reported), and net income up 10.5% year-over-year.

• Economic Value per share rose to EUR 51 from EUR 48 at year-end 2024.

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

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

Outlook and guidance

• On track to achieve 9% economic value growth target for the full year, with continued focus on profitable and diversifying growth.

• Guidance for P&C combined ratio remains below 87% for the year, with high confidence in achieving this.

• 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 after a transition year in 2025.

• Overall profitability for the year expected to remain attractive despite softening market conditions.