SCOR reported a group net income of €226 million for the second quarter of 2025, supported by contributions from all business segments.
On an adjusted basis, net income stood at €225 million for the quarter. For the first half of the year, net income totaled €425 million (€420 million adjusted).
The second quarter followed a solid start to the year, with SCOR reporting net income of €200 million in Q1 2025 (€195 million adjusted). The first quarter was marked by balanced contributions across P&C, L&H, and Investments, though natural catastrophe losses from California wildfires drove the Nat Cat ratio to 12.5% in that period.
This early momentum carried into Q2 as the company benefited from lower catastrophe activity and continued strong technical performance across its portfolios.
In property and casualty (P&C), SCOR posted a combined ratio of 82.5% for the quarter, with natural catastrophe losses accounting for 3.8% following a period of relatively low catastrophe activity.
The company said that for the first six months of 2025, the natural catastrophe ratio was 8.2%, remaining below budget despite wildfire losses recorded in the first quarter. The second quarter’s attritional loss performance contributed to additional reserve buffer building.
SCOR also noted that its P&C reinsurance renewals in January achieved estimated gross premium income growth of 9.6%. The company said this increase reflected disciplined underwriting and targeted expansion in select treaty lines, particularly in Europe and North America.
Thierry Léger (pictured above), chief executive officer of SCOR, said the company’s second-quarter results reflect contributions from all activities.
“Despite increased competition in the P&C reinsurance segment, SCOR has compensated the impact by optimizing its business mix and retrocession, leading to an unchanged net expected technical profitability in the treaty renewals year-to-date. I remain confident for the rest of the year and in SCOR’s ability to execute the Forward 2026 strategic plan,” he said.
Life and health (L&H) reported an insurance service result of €118 million for the quarter. SCOR said this was driven by contractual service margin amortization, including positive one-off items, risk adjustment releases, and experience variance that was in line with expectations for the first half of the year.
Investment income remained stable, with a regular yield of 3.5% in the quarter. The company attributed this to continued favorable reinvestment rates during the period. SCOR’s effective tax rate was 28.3% for the second quarter.
The group’s economic value under IFRS 17 stood at €8.5 billion as of June 30, 2025, representing a 10.5% increase on a constant economics basis compared with December 31, 2024, though down 1.7% on a reported basis. This equates to an economic value of €47 per share, compared with €48 per share at year-end 2024.
SCOR’s estimated group solvency ratio was 210% at the end of June 2025, which the company said was within its optimal target range of 185% to 220% and stable compared with the prior year.
The solvency position benefited from operating capital generation across all business lines, partially offset by capital deployment to support growth and the accrual of the first-half dividend, alongside unfavorable market variances.
As of the end of 2024, SCOR operated 37 offices worldwide and employed more than 3,600 people, with annual gross written premium reaching approximately €20.1 billion. The reinsurer holds financial strength ratings of A+ (S&P and Fitch), A1 (Moody’s), and A (AM Best).
Annualized return on equity was 22.6% for the second quarter (22.6% adjusted), with an annualized figure of 20.3% (20.1% adjusted) for the first half of 2025.
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