SCOR (SCR) Q3 2026 earnings summary

Executive summary

• Q3 net income was EUR 206m; 9M net income was EUR 603m, or EUR 615m adjusted for the own-share option mark-to-market impact.

• Q3 annualized ROE was 20.4%; 9M annualized ROE was 18.9%, or 19.3% adjusted.

• Economic Value reached EUR 8.9bn, up 11.9% at constant economics in 9M; solvency ratio rose 6 points to 221%.

Financial highlights

• Q3 insurance revenue was EUR 3,757m, up 1.2% YoY; 9M revenue was EUR 11,196m, down 3.4%.

• Q3 operating result was EUR 321m, up 2.5% YoY; 9M operating result was EUR 942m, down 3.7%.

• Q3 EPS was EUR 1.16; 9M EPS was EUR 3.37, or EUR 3.44 adjusted for the own-share option impact.

• 9M operating cash flow was EUR 883m; Q3 operating cash flow was EUR 559m.

Outlook and guidance

• Forward 2026 targets include P&C combined ratio below 87%, L&H insurance service result of ~EUR 0.4bn p.a., regular income yield of 3.4%–3.8%, and economic value growth above 12%.

• Management expects continued P&C buffer building; strong attritional performance remains supportive, while quarterly reserve additions were not quantified.

• The new strategic plan will be presented on December 3; assumptions account for further P&C market softening.

• Solvency II review impact guidance remains 10%–15%, with an update planned for Investor Day; L&H cash flow is expected to be neutral or positive in 2026.