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SCOR reported EUR 188 million of adjusted net income in Q2 2026 and EUR 409 million of group net income in the first half. On an adjusted basis, ROE was 18% for the quarter and 19% for H1, versus a forward 2026 target of 12%. P&C delivered a Q2 combined ratio of 79.5% and stayed below 80% in H1; P&C new business CSM was EUR 255 million in Q2 and EUR 978 million in H1. Life & Health insurance service result was EUR 157 million in H1, including a negative EUR 64 million one-off arbitration impact; management said it would have been EUR 113 million excluding that item. The solvency ratio was estimated at 220%, up 5 points versus year-end 2025, while economic value reached EUR 9 billion, up 10.5% at constant economics over H1. For investments, regular income yield was 3.6%, return on invested assets 3.7%, and reinvestment rate 4.3% as of June 30. Guidance-wise, management kept full-year capital generation guidance at 3% to 5% (net of dividend accrual), said 2026 effective tax rate should probably be below the 30% previously indicated, and reiterated the goal of building buffers and maintaining discipline rather than necessarily passing all favorable cat experience through to P&L.

Thierry Leger framed the quarter as “strong and clean,” emphasizing that all three businesses contributed positively and that the company is executing its Forward 2026 plan well. He highlighted disciplined underwriting in a competitive market, growth in preferred and diversifying lines, and continued progress on balance-sheet resilience through buffers, ALM refinements, and lower leverage. His tone was confident but measured: SCOR is pleased with the results, but still focused on prudence and resilience rather than maximizing short-term earnings.

Philipp Ruede focused on profitability, capital, and ALM. He pointed to adjusted Q2 net income of EUR 188 million, ROE of 18%, the 220% solvency ratio, and a EUR 9 billion economic value base; he also noted the duration increase in the invested asset portfolio from 4.1 years to 4.4 years, the 3.6% regular income yield, 3.7% return on invested assets, and 4.3% reinvestment rate. He said the company kept capital generation guidance at 3% to 5% because part of the strength came from benign cat activity and ALM improvements that are not fully repeatable, and he characterized the duration move as largely a one-time step into a business-as-usual phase.

Analysts focused on whether the strong underlying P&C attritional trend was unusually favorable, how much of the quarter’s benefit came from benign cats, and where future favorable experience would go. Management said the underlying attritional loss ratio remained broadly in line with the very favorable 2025-2026 trend and that, if cat activity remains good, they would prefer to keep building buffers in IFRS and normalize toward an 87% cat ratio rather than letting all of it flow through. Other questions centered on solvency, leverage, retrocession, and the Korea arbitration; management said deleveraging will continue but at an unspecified pace, the second arbitration is not a major concern, and retro optimization for 2027 is under review but could affect both earnings volatility and capital protection.