The latest results from SCOR;
SCOR records EUR 208 million net income (EUR 214 million adjusted in Q4 2025, driven by all business activities:
- In P&C, the combined ratio stands at 80.9%, including a natural catastrophe ratio of 7.6%, reflecting a quarter of moderate natural catastrophe activity. Over the full year of 2025, the natural catastrophe ratio of 6.8% remains below budget despite the LA wildfires and hurricane Melissa impacts. The attritional loss and commission ratio stands at 74.7% in Q4 2025, reflecting an excellent underlying performance allowing for continued reserving discipline. The completion of the annual P&C year-end reserve review confirms all lines are at best estimate and our reserve resilience has increased.
- In L&H, the insurance service result stands at EUR 115 million, driven by a strong CSM amortization and risk adjustment release. On a full year basis, the insurance service result is above the updated Forward 2026 guidance. The portfolio is developing as expected: Q4 and FY 2025 experience variances are positive, and the volatility on underperforming contracts remains manageable.
- In Investments, SCOR records a regular income yield of 3.8% while continuing to benefit from still-elevated reinvestment rates.
- The effective tax rate stands at 31.1%.
Over the full year 2025, SCOR reports a net income of EUR 851 million (EUR 846 million adjusted, implying an annualized Return on Equity of 19.2% (19.1% adjusted.
The Group solvency ratio stands at 215% as at 31 December 2025, in the upper part of the optimal range of 185%-220%, and up 5 percentage points compared to FY 2024 and 9M 2025. Over FY 2025, the Group solvency ratio mainly reflects the strong net capital generation, the accrual of the FY dividend, and negative market variances.
The Group Economic Value under IFRS 17 stands at EUR 8.5 billion as at 31 December 2025, up 13.7 at constant economics compared to 31 December 2024.
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