Fourth quarter 2025 results
EUR 208 million net income in Q4 2025,contributing to a strong full year net income of EUR 851 million
Proposed regular dividend of EUR 1.9 per share
Group net income of EUR 208 million in Q4 2025 driven by all business activities (EUR 214 million adjusted1):
P&C combined ratio of 80.9% with excellent attritional loss performance, allowing for buffer building
L&H insurance service result2 of EUR 115 million, with an experience variance in line with expectations over the course of 2025
Investments regular income yield of 3.8%, with continued attractive reinvestment rates
Q4 annualized Return on Equity of 20.4% (21.1% adjusted1), implying full year 2025 Return on Equity of 19.2% (19.1% adjusted1)
IFRS 17 Group Economic Value3 of EUR 8.5 billion as at 31 December 2025, up 13.7%4 at constant economics5 (down 1.1% on a reported basis) compared with 31 December 2024, implying an Economic Value per share of EUR 48
Group solvency ratio of 215%6 as at 31 December 2025, in the upper part of the optimal solvency range of 185%-220%
Proposed regular dividend of EUR 1.9 per share for 2025
SCOR SE's Board of Directors met on 3 March 2026, under the chairmanship of Fabrice Brégier, to approve the Group's Q4 2025 financial statements.
Thierry Léger, Chief Executive Officer of SCOR, comments: "Driven by the disciplined execution of our Forward 2026 strategic plan and the exceptional commitment of our teams, SCOR demonstrated the robustness of its leading franchise and diversified business model. We delivered, quarter after quarter, very solid results across all our activities. P&C maintained excellent underlying performance and continued to build prudence at a pace faster than planned. L&H benefited from the decisive actions taken in 2024 and a rigorous focus on execution throughout the year reporting an insurance result above guidance and a satisfactory experience variance. Supported by strong operating capital generation, our solvency ratio stands at 215%, at the upper end of the optimal range. Our proposed dividend of EUR 1.9 per share, up 5.6% from last year, offers an attractive dividend yield and demonstrates our ability to create sustainable value for our shareholders. At the 1.1 renewals, in a more competitive environment, SCOR achieved a positive outcome, combining growth with an adequate level of profitability. SCOR starts the year in a position of strength, and I am confident in our ability to achieve attractive returns for our shareholders and to deliver on our Forward 2026 objectives."
Group performance and context
SCOR records EUR 208 million net income (EUR 214 million adjusted1) 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 result2 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 adjusted1), implying an annualized Return on Equity of 19.2% (19.1% adjusted1).
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 Value3 under IFRS 17 stands at EUR 8.5 billion as at 31 December 2025, up 13.7%4 at constant economics compared to 31 December 2024.
Proposed regular dividend of EUR 1.9 per share
SCOR proposes a regular dividend of EUR 1.9 per share for the fiscal year 2025, up 5.6% compared to the fiscal year 2024.
This dividend will be submitted for shareholders' approval at the 2026 Annual General Meeting, to be held on 28 April 2026. The Board proposes to set the ex-dividend date at 4 May 2026, and the payment date at 6 May 2026.
Strong P&C underlying performance
In Q4 2025, P&C insurance revenue stands at EUR 1,795 million, down 1.6% at constant exchange rates (down 7.0% at current exchange rates) compared to Q4 2024, impacted by SBS's past portfolio actions, as well as increased competition in Property.
New business CSM in Q4 2025 stands at EUR 11 million, mainly driven by the low number of renewals and early recognition of some retrocession contracts renewed at 1.1.2026.P&C (re)insurance key figures:
In EUR million (at current exchange rates)
Q4 2025
Q4 2024
Variation
FY 2025
FY 2024
Variation
P&C insurance revenue
1,795
1,929
-7.0%
7,299
7,639
-4.4%
P&C insurance service result
256
238
7.6%
957
779
22.8%
Combined ratio
80.9%
83.1%
-2.2pts
82.3%
86.3%
-4.0pts
P&C new business CSM
11
-43
n.a.
1,115
1,024
8.9%
The P&C combined ratio stands at 80.9% in Q4 2025, compared to 83.1% in Q4 2024. It includes:
A Nat Cat ratio of 7.6%, reflecting a quarter with moderate Cat activity;
An attritional loss and commission ratio of 74.7%, including additional buffer building;
A discount effect of -7.9%;
An attributable expense ratio of 6.0%.
The P&C insurance service result of EUR 256 million is driven by a CSM amortization of EUR 281 million, a risk adjustment release of EUR 28 million, a negative experience variance of EUR -40 million, and an onerous contracts impact of EUR -14 million. The negative experience variance mainly reflects additional buffer building.
L&H Q4 and FY 2025 insurance service result and new business CSM above guidance
In Q4 2025, L&H insurance revenue amounts to EUR 1,988 million, up 2.9% at constant exchange rates (-3.3% at current exchange rates) compared to Q4 2024. SCOR continues to increase its L&H CSM through new business generation (EUR 170 million new business CSM7 in Q4 2025), notably from Protection and Longevity.
L&H reinsurance key figures:
In EUR million(at current exchange rates)
Q4 2025
Q4 2024
Variation
FY 2025
FY 2024
Variation
L&H insurance revenue
1,988
2,055
-3.3%
8,079
8,487
-4.8%
L&H insurance service result
115
119
-3.1%
450
-348
n.a.
L&H new business CSM
170
113
51.2%
464
485
-4.3%
The L&H insurance service result amounts to EUR 115 million in Q4 2025. It includes:
A CSM amortization of EUR 89 million;
A Risk Adjustment release of EUR 38 million;
An experience variance of EUR 28 million, bringing the experience variance over the course of 2025 to EUR 17 million;
A negative onerous contracts impact of EUR -42 million.
Investments delivering a solid regular income yield
As at 31 December 2025, total invested assets amount to EUR 23.5 billion. SCOR's asset mix is optimized, with 79% of the portfolio invested in fixed income. SCOR has a high-quality fixed income portfolio with an average rating of A+ and a duration of 4.0 years.
Investments key figures:
In EUR million (at current exchange rates)
Q4 2025
Q4 2024
Variation
FY 2025
FY 2024
Variation
Total invested assets
23,515
24,155
-2.7%
23,515
24,155
-2.7%
Regular income yield
3.8%
3.6%
0.2pts
3.5%
3.5%
0pt
Return on invested assets*
3.6%
3.3%
0.3pts
3.5%
3.5%
0pt
(*) Fair value through income on invested assets excludes EUR -8 million in Q4 2025 and EUR 6 million in FY 2025 related to the pre-tax mark to market impact of the fair value of the option on own shares granted to SCOR.
Total investment income on invested assets stands at EUR 2098 million in Q4 2025. The return on invested assets stands at 3.6%8 (vs. 3.3% in Q4 2024) and the regular income yield stands at 3.8% (vs. 3.6% in Q4 2024).
The reinvestment rate stands at 4.0%9 as at 31 December 2025, stable compared to 30 September 2025. The invested assets portfolio remains highly liquid and financial cash flows of EUR 8.5 billion are expected over the next 24 months10, enabling SCOR to benefit from still-elevated reinvestment rates.
** *APPENDIX
1 - SCOR Group Q4 2025 key financial details
In EUR million (at current exchange rates)
Q4 2025
Q4 2024
Variation
