SCOR (SCR) Q2 2025 earnings summary

Executive summary

• Net income reached EUR 226 million in Q2 2025 and EUR 425 million for H1 2025, with annualized ROE of 22.6% in Q2 and 20.3% for H1, reflecting strong performance across all business segments.

• Economic value increased by 10.5% at constant economics, reaching EUR 8.5 billion at Q2 2025.

• Group solvency ratio stood at 210%, at the upper end of the optimal range, supported by strong capital generation.

• Disciplined underwriting and proactive capital allocation drove strong results, especially in P&C.

• Life & Health delivered results in line with expectations, supported by profitability restoration plans.

Financial highlights

• Q2 2025 net income was EUR 226 million, with insurance revenue at EUR 3.8 billion, down 6.5% year-over-year; H1 2025 net income was EUR 425 million, with insurance revenue at EUR 7.88 billion, down 3.8%.

• Return on invested assets was 3.6% in Q2 2025; regular income yield was 3.5%.

• Operating cash flow in Q2 2025 was EUR 395 million, up significantly year-over-year.

• P&C combined ratio improved to 82.5% in Q2 2025, well below the <87% Forward 2026 target.

• Earnings per share were EUR 1.26 in Q2 2025, compared to EUR -1.72 in Q2 2024.

Outlook and guidance

• Forward 2026 targets reaffirmed: annualized ROE above 12%, P&C combined ratio below 87%, and 9% annual economic value growth.

• P&C insurance revenue growth guidance revised to flattish for 2025, optimistic for 2026.

• Continued focus on underwriting discipline, profitable growth, and capital redeployment amid competitive pressures.

• Confident in ability to execute Forward 2026 plan despite market and macroeconomic uncertainties.