SCOR SE’s property and casualty business delivered a combined ratio of 80.9% in the third quarter of 2025, improving from 88.3% a year earlier, as limited natural catastrophe losses and tighter underwriting discipline supported higher profitability.
The segment’s performance was supported by a natural catastrophe ratio of 2.7%, compared with 6.4% for the first nine months of the year, which remained below budget despite the impact of the California wildfires in the first quarter. The attritional loss and commission ratio was 79.2%, including additional buffer building, while the expense ratio stood at 8.2%. The discount effect was -8.4%. The P&C insurance service result reached €255 million, driven by a €267 million contractual service margin (CSM) amortization and a €32 million risk adjustment release, partly offset by a €53 million negative experience variance and €9 million from onerous contracts.
Total P&C insurance revenue amounted to €1.81 billion in the quarter, down 1.6% at current exchange rates, while new business CSM was €170 million. Over the first nine months of 2025, the segment’s combined ratio was 82.8%.
Across the group, SCOR reported a net income of €217 million for the third quarter, bringing the nine-month total to €642 million. The group’s annualized return on equity reached 22.1% in the quarter and 19.9% for the first nine months. The effective tax rate was 22.9%.
Life and health reinsurance recorded an insurance service result of €98 million in the third quarter, compared with a loss last year. Insurance revenue for the segment totaled €1.9 billion, while new business CSM was €82 million. The result included a €92 million CSM amortization and a €30 million risk adjustment release, with a €6 million negative experience variance and a €20 million loss from onerous contracts.
Investment income contributed to stable returns, with total invested assets of €23.4 billion as of Sept. 30, 2025. The return on invested assets stood at 3.3%, while the regular income yield remained at 3.5%. Fixed income represented 79% of the portfolio, with an average credit rating of A+ and a duration of 3.9 years. The reinvestment rate was 4%, with expected financial cash flows of €8.8 billion over the next 24 months.
SCOR’s solvency ratio was estimated at 210%, consistent with its optimal range of 185%–220%. The group’s economic value under IFRS 17 was €8.5 billion, up 12.7% at constant economics, corresponding to €48 per share.
CEO Thierry Léger said the company maintained a disciplined approach to underwriting and continued to build its prudence buffer in line with its 2024 strategy. He added that the life and health business was performing in line with the Forward 2026 plan, and investments continued to deliver stable results.
The group reported total insurance revenue of €3.71 billion for the quarter, down 5.8% year over year, and gross written premiums of €4.57 billion. Operating cash flow reached €459 million, up 9.3% from the prior year.
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