SCOR (SCR) Q1 2026 earnings summary

Executive summary

• Net income reached EUR 225 million in Q1 2026, with adjusted net income at EUR 220 million, up 13.1% year-over-year, and all business segments contributing positively.

• Annualized Return on Equity was 21.1%–21.7%, exceeding the Forward 2026 target.

• Economic Value grew 7.4% versus FY2025, reaching EUR 9.0 billion.

• Solvency ratio improved to 220%, up 5 points from FY2025, supported by strong operating capital generation and a EUR 300 million buffer addition.

• The group maintained resilience despite macroeconomic and geopolitical uncertainties, including the Middle East conflict.

Financial highlights

• Insurance revenue was EUR 3.8 billion, down 6.1% year-over-year, mainly due to FX effects.

• Combined ratio for P&C was 80.2%, with a nat cat ratio of 4.2% reflecting a benign quarter.

• Life and Health ISR was EUR 107 million, with new business CSM at EUR 115 million, driven by protection and longevity growth.

• Operating cash flow was EUR 149 million, with total liquidity at EUR 2.4 billion as of March 31, 2026.

• Return on invested assets was 3.8%, with a regular income yield of 3.6%.

Outlook and guidance

• The group remains confident in delivering the Forward 2026 plan, maintaining underwriting discipline amid competitive pressures.

• Full-year Solvency II capital generation guidance remains at 3-5 points, with Q1 already achieving 5 points due to low nat cat activity.

• Forward 2026 assumptions include a solvency ratio in the 185%-220% range and annualized RoE above 12%.

• Expectation of continued focus on profitable and diversifying lines, with capital and cash generation to be emphasized in the next strategic plan.

• Ongoing competitive market conditions anticipated for the remainder of 2026 renewals, with continued underwriting discipline.