SCOR Se

SCOR reported adjusted group net income of EUR 188 million in Q2 2026 and EUR 409 million in the first half. ROE was 18% for Q2 and 19% for H1, above the Forward 2026 target of 12%. Economic value was EUR 9 billion at end-June, up 10.5% at constant economics over H1. The estimated solvency ratio was 220%, up 5 points versus year-end 2025 and stable versus Q1. In P&C, Q2 combined ratio was 79.5%, with the first-half combined ratio below 80%; P&C new business CSM was EUR 255 million in Q2 and EUR 978 million in H1. In Life & Health, the insurance service result was EUR 49 million in Q2 and EUR 157 million in H1, or EUR 113 million excluding the one-off arbitration impact in Q2. Investments delivered a regular income yield of 3.6%, return on invested assets of 3.7%, and reinvestment rate of 4.3% as of June 30. Management reiterated 2026 guidance of 3% to 5% net capital generation and said the lower-than-expected cat activity and ALM gains were positive but should not be fully extrapolated. They also said 2026 effective tax rate should likely be below the 30% previously indicated.

Thierry Leger framed the quarter as a “strong and clean” set of results and emphasized that all three businesses contributed positively. He highlighted the durability of P&C pricing/attritional strength, the post-reset consistency in Life & Health, and the resilience of the balance sheet, including further ALM refinements and deleveraging. His tone was constructive and confident, and he repeatedly pointed to SCOR being well positioned to deliver Forward 2026 while continuing to build resilience rather than chase short-term earnings.

Philipp Ruede emphasized the breadth of the quarter’s performance, citing Q2 adjusted net income of EUR 188 million, 18% Q2 ROE, 220% solvency, and EUR 9 billion of economic value. He walked through the investment portfolio, noting a 3.6% regular income yield, 3.7% return on invested assets, and 4.3% reinvestment rate, while explaining that duration was extended from 4.1 years to 4.4 years by selling short-duration corporates and buying longer-duration government bonds, without derivatives. On capital, he said the 3% to 5% net capital generation guidance remains unchanged because the benefits from benign cats and ALM actions are partly one-off in nature.

Analysts focused on P&C attritional trends, renewal pricing, retrocession, solvency quality, capital generation, and Life & Health cash flow. Management said the underlying attritional loss ratio remains broadly in line with the favorable trend seen in 2025 and 2026, and that good cat experience would not simply flow through P&L but would instead be used to build buffers and normalize toward an 87% cat ratio. On reinsurance pricing and mix, they said June/July renewals were driven by portfolio mix, with more nonproportional and property cat exposure, but the net impact on the combined ratio was limited. On retrocession and solvency, management acknowledged they may reconsider the balance between retro and capital protection in the next strategic plan, while confirming they will continue to delever and prioritize balance sheet resilience. On Life & Health, they said the historical cash flow period was distorted by significant COVID claims, and the first arbitration’s resolution should not be expected to materially change cash flow volatility.