Press release
30 July 2026 - Ndeg 16
Second quarter 2026 results
EUR 171 million net income in Q2 2026,
contributing to a net income of EUR 397 million in H1 2026
-- Group net income of EUR 171 million in Q2 2026 driven
by all business activities (EUR 188 million
adjusted1)
-- P&C combined ratio of 79.5%, with benign
natural catastrophe experience, excellent
attritional loss performance and additional
buffer building
-- L&H insurance service result2 of EUR 49
million (EUR 113 million excluding a one-off
arbitration outcome), with H1 2026 experience
variance in line with expectations
-- Investments regular income yield of 3.6%, with
continued attractive reinvestment rates
-- IFRS 17 Group Economic Value3 of EUR 9.0 billion as
at 30 June 2026, up 10.5%4 at constant economics5 (up
5.8% on a reported basis) compared to 31 December
2025, implying an Economic Value per share of EUR 50
(vs. EUR 48 as at 31 December 2025)
-- Estimated Group solvency ratio of 220%6 as at 30 June
2026, up 5 percentage points compared to 31 December
2025
-- Annualized Return on Equity of 16.3% (18.0%
adjusted1) in Q2 2026, implying an annualized Return
on Equity of 18.5% in H1 2026 (19.0% adjusted1)
SCOR SE's Board of Directors met on 29 July 2026, under the chairmanship of Fabrice Brégier, to approve the Group's Q2 2026 financial statements.
Thierry Léger, Chief Executive Officer of SCOR, comments:
"SCOR achieved another strong set of results this quarter, demonstrating the consistency and resilience of its earnings. This performance reflects the remarkable engagement of our teams, the strength of our client relationships and diversified business model and the disciplined execution of our strategy across all three businesses. In P&C, we continued to combine diversified growth with strict underwriting discipline in an increasingly competitive market. In L&H, we delivered another quarter in line with expectations while our investment portfolio continued to generate attractive and recurring income. The Group solvency ratio stood at 220% at quarter-end, with capital generation in line with our FY 2026 guidance. Overall, these results underscore the robustness of our operating model and our ability to steer performance through changing market conditions. We have entered the second half of 2026 from a position of strength, firmly focused on delivering Forward 2026."
Group performance and context
SCOR records EUR 171 million net income (EUR 188 million adjusted(1) ) in Q2 2026, supported by all business activities:
-- In P&C, the combined ratio stands at 79.5% in Q2 2026, including a
natural catastrophe ratio of 2.9%, reflecting a benign quarter of low
natural catastrophe activity. This includes excellent Nat Cat and
attritional loss performances, as well as additional buffer building.
-- In L&H, the insurance service result2 stands at EUR 49 million in Q2
2026, impacted by a negative experience variance which follows the
outcome of a one-off arbitration. Excluding this impact, the Q2 ISR
stands at EUR 113 million, with a positive experience variance of
EUR 4 million.
-- In Investments, SCOR benefits from still-elevated reinvestment rates in
Q2 2026 and records a high regular income yield of 3.6%.
-- The effective tax rate stands at 24.1% for Q2 2026.
The annualized Return on Equity stands at 16.3% (18.0% adjusted(1) ) in Q2 2026 and the Group Economic Value over the first half of 2026 increases by 10.5%(4) at constant economics(5) . Over the first half of 2026, SCOR reports a net income of EUR 397 million (EUR 409 million adjusted(1) ), implying an annualized Return on Equity of 18.5% (19.0% adjusted(1) ).
The Group solvency ratio is estimated at 220% at the end of Q2 2026, up 5 percentage points versus FY 2025. This is supported by operating capital generation from all businesses, net of capital deployment for business growth, deleveraging actions, and the accrual of dividend for the first half of 2026.
P&C reinsurance treaty renewals
During the June-July 2026 renewals, SCOR continues to grow in its diversifying lines, applying underwriting discipline in a competitive environment.
EGPI(7) on the business up for renewal in June-July grows by +1.3% for traditional reinsurance, including strong growth of 19.8% in Specialty Lines driven by Credit & Surety. P&C Lines decrease in US Property (Non-Cat) and US Casualty, remain flat in Property Cat, while Alternative Solutions records significant growth of 133%.
Premiums up for renewal in June-July represent around 13% of annual P&C reinsurance premiums up for renewal (around 10% of total P&C premiums).
Since the start of the year, SCOR has achieved EGPI(7) growth of +3.2% on traditional reinsurance, with a limited net underwriting ratio increase of 2 percentage points. SCOR is successfully weathering a competitive environment thanks to its strategy of growing in a profitable and diversified way.
Looking ahead, SCOR anticipates a continued competitive environment. In that context, SCOR maintains a sharp focus on accessing attractive business opportunities, and is committed to applying stringent underwriting discipline, prepared to redeploy capital or reduce capacity if necessary to meet its profitability targets.
Excellent P&C underlying performance
In Q2 2026, P&C insurance revenue stands at EUR 1,796 million, up 0.1% at constant exchange rates (down 2.0% at current exchange rates) compared to Q2 2025. Insurance revenue reflects the positive renewals outcome, partly offset by EGPI revisions on existing business and FX headwinds.
New business CSM in Q2 2026 stands at EUR 255 million, up 13.5% at current exchange rates compared to Q2 2025, mainly driven by business volumes, lower retrocession costs, and higher contributions from SBS and Cedant Facultative. New business CSM in H1 2026 stands at
EUR 978 million, up 4.6% compared to H1 2025.
P&C (re)insurance key figures:
In EUR million (at
current exchange Q2
rates) 2026 Q2 2025 Variation H1 2026 H1 2025 Variation
--------------------- ------ ------- --------- ------- ------- ---------
P&C insurance revenue 1,796 1,833 -2.0% 3,608 3,692 -2.3%
--------------------- ------ ------- --------- ------- ------- ---------
P&C insurance service
result 269 241 +11.6% 524 446 +17.3%
--------------------- ------ ------- --------- ------- ------- ---------
Combined ratio 79.5% 82.5% -3.0pts 79.9% 83.7% -3.9pts
--------------------- ------ ------- --------- ------- ------- ---------
P&C new business CSM 255 225 +13.5% 978 935 +4.6%
--------------------- ------ ------- --------- ------- ------- ---------
The P&C combined ratio stands at 79.5% in Q2 2026, compared to 82.5% in Q2 2025. It includes:
-- a Nat Cat ratio of 2.9%, reflecting a benign quarter with low Cat
activity, and translating into a H1 Nat Cat ratio of 3.5%;
-- an attritional loss and commission ratio of 76.8%, demonstrating a strong
underlying performance and additional buffer building;
-- a discount effect of -8.5%;
-- an attributable expense ratio of 8.2%.
The P&C insurance service result of EUR 269 million is driven by a CSM amortization of
EUR 274 million, a risk adjustment release of EUR 17 million, a negative experience variance of
EUR -10 million and an onerous contracts impact of EUR -12 million.
L&H Q2 ISR in line with expectations, excluding a one-off in the experience variance
In Q2 2026, L&H insurance revenue amounts to EUR 1,828 million, down 5.7% at constant exchange rates (-8.0% at current exchange rates) compared to Q2 2025. SCOR continues to build its L&H CSM through new business generation (EUR 101 million new business CSM(8) in Q2 2026).
L&H reinsurance key figures:
In EUR million (at current exchange Q2 rates) 2026 Q2 2025 Variation H1 2026 H1 2025 Variation --------------------- ------ ------- --------- ------- ------- --------- L&H insurance revenue 1,828 1,986 -8.0% 3,831 4,191 -8.6% --------------------- ------ ------- --------- ------- ------- --------- L&H insurance service result 49 118 -58.0% 157 236 -33.5% --------------------- ------ ------- --------- ------- ------- --------- L&H new business CSM 101 136 -25.7% 216 212 +1.9% --------------------- ------ ------- --------- ------- ------- ---------
The L&H insurance service result amounts to EUR 49 million in Q2 2026. It includes:
-- a CSM amortization of EUR 88 million;
-- a Risk Adjustment release of EUR 28 million;
-- an experience variance of EUR -60 million, including a one-off impact of
EUR -64 million from an arbitration outcome;
-- a negative onerous contracts impact of EUR -10 million.
Excluding the one-off impact, the insurance service result stands at EUR 113 million, with a positive experience variance of EUR 4 million.
Return on invested assets of 3.7%
As at 30 June 2026, total invested assets amount to EUR 23.2 billion. SCOR's asset mix is optimized, with 78% of the portfolio invested in fixed income. SCOR has a high-quality fixed income portfolio with an average rating of A+ and a duration of 4.4 years.
Investments key figures:
In EUR million (at current exchange Q2 rates) 2026 Q2 2025 Variation H1 2026 H1 2025 Variation --------------------- ------ ------- --------- ------- ------- --------- Total invested assets 23,218 23,189 +0.1% 23,218 23,189 +0.1% --------------------- ------ ------- --------- ------- ------- --------- Regular income yield 3.6% 3.5% 0.1pts 3.6% 3.5% 0.1pts --------------------- ------ ------- --------- ------- ------- --------- ROIA (*) 3.7% 3.6% 0.1pts 3.7% 3.7% n.a. --------------------- ------ ------- --------- ------- ------- ---------
(*) Fair value through income on invested assets excludes EUR -23 million in Q2 2026 and EUR -16 million in H1 2026 related to the pre-tax mark to market impact of the fair value of the option on own shares granted to SCOR.
Total investment income on invested assets stands at EUR 214(9) million in Q2 2026. The return on invested assets stands at 3.7%(9) (vs. 3.8% in Q1 2026) and the regular income yield at 3.6% (vs. 3.5% in Q1 2026).
The reinvestment rate stands at 4.3%(10) as at 30 June 2026, flat compared to 31 March 2026. The invested assets portfolio remains highly liquid and financial cash flows of EUR 8.1 billion are expected over the next 24 months(11) , enabling SCOR to benefit from still-elevated reinvestment rates.
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APPENDIX
1 - SCOR Group Q2 and H1 2026 key financial details
In EUR million (at
current exchange Q2
rates) 2026 Q2 2025 Variation H1 2026 H1 2025 Variation
--------------------- ------ ------- --------- ------- ------- ---------
Insurance revenue 3,624 3,819 -5.1% 7,439 7,883 -5.6%
--------------------- ------ ------- --------- ------- ------- ---------
Insurance Service
Result(1) 318 358 -11.2% 680 682 -0.2%
--------------------- ------ ------- --------- ------- ------- ---------
Management expenses 310 313 -0.9% 609 614 -0.8%
--------------------- ------ ------- --------- ------- ------- ---------
Annualized ROE(2) 16.3% 22.6% -6.3pts 18.5% 20.3% -1.8pts
--------------------- ------ ------- --------- ------- ------- ---------
Annualized ROE
adjusted(3) 18.0% 22.6% -4.5pts 19.0% 20.1% -1.0pt
--------------------- ------ ------- --------- ------- ------- ---------
Net income(2,) (4) 171 226 -24.1% 397 425 -6.8%
--------------------- ------ ------- --------- ------- ------- ---------
Net income
adjusted(3) (,4) 188 225 -16.4% 409 420 -2.7%
--------------------- ------ ------- --------- ------- ------- ---------
Economic value(5)
(,6) 9,018 8,469 n.a. 9,018 8,469 n.a.
--------------------- ------ ------- --------- ------- ------- ---------
Shareholders' equity 4,408 4,129 6.7% 4,408 4,129 6.7%
--------------------- ------ ------- --------- ------- ------- ---------
Contractual Service
Margin $(CSM)$(6) 4,610 4,340 6.2% 4,610 4,340 6.2%
--------------------- ------ ------- --------- ------- ------- ---------
1: Including revenues on financial contracts reported under IFRS 9;
2: Including the mark to market impact of the option on own shares. Q2 2026 impact of EUR -23 million before tax. H1 2026 impact of EUR -16 million before tax;
3: Excluding mark to market impact of the option on own shares;
4: Consolidated net income, Group share;
5: Defined as the sum of the shareholders' equity and the Contractual Service Margin (CSM);
6: Net of tax. A notional tax rate of 25% is applied to the CSM.
2 - P&L key figures Q2 and H1 2026
In EUR million Q2 Q2 H1 H1
(at current exchange rates) 2026 2025 Variation 2026 2025 Variation
---------------------------- ----- ----- --------- ----- ----- ---------
Insurance revenue 3,624 3,819 -5.1% 7,439 7,883 -5.6%
---------------------------- ----- ----- --------- ----- ----- ---------
-- P&C insurance revenue 1,796 1,833 -2.0% 3,608 3,692 -2.3%
---------------------------- ----- ----- --------- ----- ----- ---------
-- L&H insurance revenue 1,828 1,986 -8.0% 3,831 4,191 -8.6%
---------------------------- ----- ----- --------- ----- ----- ---------
Investment income on
invested assets 214 210 +1.9% 433 436 -0.6%
---------------------------- ----- ----- --------- ----- ----- ---------
Operating results 267 347 -23.0% 621 665 -6.6%
---------------------------- ----- ----- --------- ----- ----- ---------
Net income(1,2) 171 226 -24.1% 397 425 -6.8%
---------------------------- ----- ----- --------- ----- ----- ---------
Net income adjusted(1,3) 188 225 -16.4% 409 420 -2.7%
---------------------------- ----- ----- --------- ----- ----- ---------
Earnings per share(2) (EUR) 0.96 1.26 -24.2% 2.22 2.38 -6.8%
---------------------------- ----- ----- --------- ----- ----- ---------
Earnings per share
adjusted(3) (EUR) 1.05 1.26 -16.4% 2.28 2.35 -2.7%
---------------------------- ----- ----- --------- ----- ----- ---------
Operating cash flow 176 395 -55.5% 325 546 -40.5%
---------------------------- ----- ----- --------- ----- ----- ---------
1: Consolidated net income, Group share;
2: Taking into account the mark to market impact of the option on own shares. Q2 and H1 2026 impact respectively EUR -23 million and EUR -16 million before tax;
3: excluding the mark to market impact of the option on own shares.
3 - P&L key ratios Q2 and H1 2026
In EUR million (at
current exchange Q2
rates) 2026 Q2 2025 Variation H1 2026 H1 2025 Variation
--------------------- ------ ------- --------- ------- ------- ---------
Return on invested
assets (1,2) 3.7% 3.6% +0.1pt 3.7% 3.7% +0.1pt
--------------------- ------ ------- --------- ------- ------- ---------
P&C combined ratio
(3) 79.5% 82.5% -3.0pts 79.9% 83.7% -3.9pts
--------------------- ------ ------- --------- ------- ------- ---------
Annualized ROE(4) 16.3% 22.6% -6.3pts 18.5% 20.3% -1.8pts
--------------------- ------ ------- --------- ------- ------- ---------
Annualized ROE
adjusted(5) 18.0% 22.6% -4.5pts 19.0% 20.1% -1.0pt
--------------------- ------ ------- --------- ------- ------- ---------
Economic Value
growth(6) n.a. n.a. n.a. 10.5% 10.5% n.a.
--------------------- ------ ------- --------- ------- ------- ---------
1: Annualized;
2: In Q2 and H1 2026, fair value through income on invested assets excludes respectively EUR -23 million and EUR -16 million pre-tax mark to market impact of the fair value of the option on own shares granted to SCOR;
3: The combined ratio is the sum of total claims, total variables commissions, and P&C attributable management expenses, divided by the net insurance revenue for P&C business;
4: Taking into account the mark to market impact of the option on own shares. Q2 and H1 2026 impact respectively of EUR -23 and EUR -16 million before tax;
5: Excluding the mark to market impact of the option on own shares;
6: Not annualized. Growth at constant economic assumptions and excluding the mark to market impact of the option on own shares. The starting point is adjusted for the dividend of EUR 1.9 per share (EUR 340 million in total) for the fiscal year 2025, paid on 6 May 2026. Economic Value is defined as the sum of the shareholders' equity and the Contractual Service Margin (CSM), net of tax. A notional tax rate of 25% is applied to the CSM.
4 - Balance sheet key figures as at 30 June 2026
In EUR million As at As at
(at current exchange rates) 30 June 2026 31 December 2025 Variation
--------------------------------- ------------- ----------------- ---------
Total invested assets (1) 23,218 23,515 -1.3%
--------------------------------- ------------- ----------------- ---------
Shareholders' equity 4,408 4,427 -0.4%
--------------------------------- ------------- ----------------- ---------
Book value per share (EUR) 24.65 24.72 -0.3%
--------------------------------- ------------- ----------------- ---------
Economic Value(2) 9,018 8,522 +5.8%
--------------------------------- ------------- ----------------- ---------
Economic Value per share (EUR)(3) 50.42 47.59 +6.0%
--------------------------------- ------------- ----------------- ---------
Financial leverage ratio(4) 23.2% 25.3% -2.2pts
--------------------------------- ------------- ----------------- ---------
Total liquidity(5) 2,298 2,236 +2.8%
--------------------------------- ------------- ----------------- ---------
1: Excluding third-party net insurance business investments;
2: The Economic Value (defined as the sum of the shareholders' equity and the Contractual Service Margin (CSM), net of tax) includes minority interests;
3: The Economic Value per share excludes minority interests;
4: The leverage ratio is calculated as the percentage of subordinated debt compared to the sum of Economic Value and subordinated debt in IFRS 17;
5: Including cash and cash equivalents and short-term investments.
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General
Figures presented throughout this press release may not add up precisely to the totals in the tables and text. Percentages and percent changes are calculated on complete figures (including decimals); therefore, this press release might contain immaterial differences in sums and percentages due to rounding. Unless otherwise specified, the sources for the business ranking and market positions are internal.
This press release does not constitute an offer to sell or exchange, or a solicitation of an offer to buy or subscribe for SCOR securities in any jurisdiction, and should not be construed as such.
Forward-looking statements
This press release contains forward-looking statements, assumptions and information about SCOR's financial condition, results, business, strategy, plans and objectives, including in relation to SCOR's current or future projects.
These statements may be identified by the use of the future tense or conditional mode, or terms such as "estimate", "believe", "anticipate", "aim", "expect", "have the objective", "intend to", "plan", "project", "result in", "should", "may" and other similar expressions.
It should be noted that the achievement of these objectives, forward-looking statements, assumptions and information is dependent on circumstances and facts that may or may not arise in the future.
No guarantee can be given regarding the achievement of these forward-looking statements, assumptions and information. These forward-looking statements, assumptions and information are not guarantees of future performance. Forward-looking statements, assumptions and information (including on objectives) may be impacted by known or unknown risks, identified or unidentified uncertainties and other factors that may significantly impact the future results, performance and accomplishments planned or expected by SCOR.
In particular, it should be noted that the full impact of the macroeconomic, financial, geopolitical, climate and regulatory risks on SCOR's business and results cannot be precisely assessed.
Accordingly, all assessments, assumptions, and figures presented in this press release should be considered as estimates based on evolving analyses, and encompass a wide range of theoretical hypotheses, which are highly evolutive.
Information regarding risks and uncertainties that may affect SCOR's business is set forth in the 2025 Universal Registration Document filed on March 13, 2026, under number ndeg D.26-0090 with the French Autorité des marchés financiers (AMF) available on SCOR's website (www.scor.com) and on the AMF's website (www.amf-france.org).
In addition, such forward-looking statements, assumptions and information are not "profit forecasts" within the meaning of Article 1 of Commission Delegated Regulation $(EU)$ 2019/980.
SCOR does not undertake and has no obligation or intention to complete, update, revise or change these forward-looking statements, assumptions and information, whether as a result of new information, future events or otherwise.
Financial information
The Group's financial information contained in this press release is prepared on the basis of IFRS and interpretations issued and approved by the European Union.
Unless otherwise specified, prior-year balance sheet, income statement items and ratios have not been reclassified.
The calculation of financial ratios (such as return on invested assets, regular income yield, return on equity and combined ratio) is detailed in the Appendices of the presentation related to the financial results for the first half of 2026 which is available on SCOR's website (www.scor.com). (see pages 24-59).
The financial results for the first half of 2026 included in this press release have been subject to a limited review by SCOR's statutory auditors.
Unless otherwise specified, all figures are presented in Euros.
Any financial data or figures for a period subsequent to June 30, 2026 should not be construed as a forecast of expected financial results for those periods.
(1) Adjusted by excluding the mark to market impact of the option on own shares.
(2) Includes revenues on financial contracts reported under IFRS 9.
(3) Defined as the sum of the shareholders' equity and the Contractual Service Margin (CSM), net of tax. 25% notional tax rate applied on CSM.
(4) Not annualized. The starting point is adjusted for the dividend of EUR 1.9 per share (EUR 340 million in total) for the fiscal year 2025, paid in 2026.
(5) Growth at constant economic assumptions (i.e. adjusted for interest rate changes and FX impacts on shareholders' equity and CSM) as at 31 December 2025 and excluding the mark to market impact of the option on own shares.
(6) Solvency ratio estimated after taking into account the dividend accrual for the first six months based on the dividend paid for the fiscal year 2025 (EUR 1.9 per share).
(7) Estimated Gross Premium Income (EGPI).
(8) Includes the CSM on new treaties and change in CSM on existing treaties due to new business (i.e. new business on existing contracts).
(9) Excluding the mark to the market impact of the option on own shares. Q2 2026 impact of EUR -23 million before tax.
(10) Reinvestment rate is based on Q2 2026 asset allocation of yielding asset classes (i.e. fixed income, loans and real estate), according to current reinvestment duration assumptions. Yield curves & spreads as at 30/06/2026.
(11) As of 30 June 2026. Includes current cash balances and future coupons and redemptions.
Attachment
-- SCOR Press Release