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SCOR reported H1 2026 group net income of EUR 409 million and Q2 adjusted net income of EUR 188 million. Adjusted ROE was 18% in Q2 and 19% for H1, versus a forward 2026 target of 12%. P&C posted a Q2 combined ratio of 79.5% and a first-half combined ratio below 80%. Life & Health insurance service result was EUR 157 million in H1, including a negative EUR 64 million one-off arbitration impact; excluding that item, Philipp Ruede said it would have been EUR 221 million, and Q2 alone was EUR 49 million, or EUR 113 million excluding the arbitration impact. Solvency ratio ended June at 220%, up 5 points versus year-end 2025, and economic value was EUR 9 billion, up 10.5% at constant economics over H1. For investments, the regular income yield was 3.6%, return on invested assets 3.7%, and the reinvestment rate 4.3%. Management did not raise full-year capital generation guidance, keeping it at 3% to 5%, saying the strong result was helped by benign net cat and some one-off ALM improvements. For Life & Health, management reiterated that growth should improve in the second half as protection remains selective and financial solutions and longevity pipelines build.

Thierry Leger framed the quarter as a strong and clean set of results, emphasizing disciplined underwriting, selective growth, and a more resilient balance sheet. He said P&C’s portfolio quality is showing through, that Life & Health has now delivered six straight quarters in line with expectations since the 2024 reset, and that investments continue to contribute stably. His tone was constructive but measured: he repeatedly stressed prudence, buffer-building, and remaining cautious in U.S. casualty and on future retrocession decisions.

Philipp Ruede highlighted that all three businesses contributed positively and that SCOR is ahead of its forward 2026 ROE target. He cited the 220% solvency ratio, EUR 9 billion of economic value, a 3.6% regular income yield, 3.7% return on invested assets, and a 4.3% reinvestment rate, while noting the invested asset duration was extended from 4.1 years to 4.4 years through cash bond transactions, not derivatives. He kept capital generation guidance at 3% to 5%, calling recent benefits partly one-off, and said the company remains focused on deleveraging and/or adding prudence in best estimate liabilities as opportunities arise.

Analysts focused on the strength of underlying P&C attritional results, the effect of recent EGPI revisions, and whether the company should let favorable cat experience flow through earnings or keep building buffers. Management said the underlying attritional loss ratio remains broadly in line with the very favorable trend in 2025 and 2026, and that in a good cat year they would prefer to use the benefit to build buffers rather than let it fully flow through P&L. Other questions centered on the 220% solvency ratio, retrocession usage, and Life & Health cash flows; management said balance-sheet resilience is the priority, deleveraging will continue, retro optimization will be part of the next strategic plan, and the prior Life & Health cash-flow pattern was distorted by significant COVID claims and should not be extrapolated.