SCOR (SCR) Q3 2025 earnings summary

Executive summary

• Net income reached EUR 217 million in Q3 2025, with adjusted net income at EUR 211 million and annualized ROE of 21.5%–22.1%, reflecting strong profitability and operational performance across all segments.

• Economic Value increased by 12.7% at constant FX versus YE 2024, reaching EUR 8.5 billion, driven by P&C and investment performance.

• Group solvency ratio stood at 210% as of September 30, 2025, at the upper end of the optimal range, supporting financial stability.

• Focus remains on underwriting discipline, capital efficiency, and risk-adjusted returns amid a more competitive market.

• Teams are encouraged to seek profitable opportunities without explicit growth targets, prioritizing long-term value creation.

Financial highlights

• Q3 2025 net income was EUR 217 million (EUR 211 million adjusted), with a 21.5% ROE; 9M 2025 net income was EUR 642 million and 19.5% ROE.

• Q3 2025 insurance revenue was EUR 3.7 billion, down 5.8% year-over-year; gross written premiums were EUR 4.6 billion, down 8.3%.

• P&C combined ratio improved to 80.9% in Q3 2025 (down 7.5 pts year-over-year), well below the Forward 2026 assumption of <87%.

• Life and health insurance service result of EUR 98 million in Q3 2025; year-to-date ISR at EUR 334 million, on track for EUR 400 million annual target.

• Investment income yield at 3.5% for Q3 2025, with economic value per share at EUR 48.12 and return on invested assets at 3.3%.

Outlook and guidance

• Full-year economic value growth expected to exceed Forward 2026 guidance of 9%, with annualized ROE above 12% and P&C combined ratio below 87%.

• Life and health new business CSM/ESM on track for EUR 0.4 billion annual assumption, supported by solid CSM amortization.

• Revenue growth targets are now outcomes, not objectives; focus is on market conditions and price adequacy.

• Management expects to continue leveraging its Tier 1 franchise and execute the Forward 2026 plan with disciplined underwriting and buffer building.