First quarter 2026 results EUR 225 million net income in Q1 2026
Group net income of EUR 225 million in Q1 2026 driven by all business activities (EUR 220 million adjusted1)
P&C combined ratio of 80.2%, with a benign natural catastrophe experience and continued buffer building
L&H insurance service result2 of EUR 107 million, with experience variance in line with expectations
Investments regular income yield of 3.6%, with continued attractive reinvestment rates
IFRS 17 Group Economic Value3 of EUR 9.0 billion as at 31 March 2026, up 7.4% at constant economics4 (up 6.1% on reported basis) compared to 31 December 2025. The Economic Value per share stands at EUR 51 (vs. EUR 48 as at 31 December 2025)
Estimated Group solvency ratio of 220%5 as at 31 March 2026, up 5 percentage points from FY 2025
Annualized Return on Equity of 21.7% (21.1% adjusted1) in Q1 2026
SCOR SE's Board of Directors met on 5 May 2026, under the chairmanship of Fabrice Brégier, to approve the Group's Q1 2026 financial statements.
Thierry Léger, Chief Executive Officer of SCOR, comments: "We delivered a solid first-quarter performance, with all business activities contributing to a RoE of 21.7%. P&C continues to perform at an excellent level, with a combined ratio of 80.2%, allowing for additional buffer building and a precautionary IBNR6 provision related to the Middle East conflict. L&H performed in line with expectations. Investments continue to benefit from elevated returns on invested assets.We continue to strengthen the resilience of our balance sheet by adding EUR 300 million of buffers to the P&C Best Estimate Liabilities. The Group solvency ratio increases by 5 points to 220%, driven by strong net operating capital generation.I am confident in SCOR's ability to deliver on its 2026 objectives."
Group performance and context
SCOR records EUR 225 million net income (EUR 220 million adjusted1) in Q1 2026, supported by all business activities:
In P&C, the combined ratio stands at 80.2% in Q1 2026, including a natural catastrophe ratio of 4.2%, reflecting a benign quarter of natural catastrophe activity. The attritional loss and commission ratio of 77.7% allows for continued opportunistic buffer building and a precautionary mid-double-digit IBNR6 provision related to the uncertainties associated with the Middle East conflict.
In L&H, the insurance service result2 stands at EUR 107 million in Q1 2026, driven by CSM amortization, risk adjustment release in line with expectations, and experience variance within the expected range.
In Investments, SCOR benefits from a still-elevated reinvestment rate in Q1 2026 and records a regular income yield of 3.6%.
The effective tax rate stands at 29.8% for Q1 2026.
The Return on Equity stands at 21.7% (21.1% adjusted1) in Q1 2026 and the Group Economic Value increases by 7.4% at constant economics4.
SCOR's Solvency ratio is estimated at 220% at the end of Q1 2026, up 5 percentage points versus FY 2025, driven by a strong net operating capital generation consistent with the FY 2026 guidance, and supported by the January 1 P&C Treaty renewals and Q1 benign Nat Cat experience.
In Q1 2026, SCOR strengthened its Solvency II balance sheet resilience with an exceptional EUR 300 million of buffer added to P&C Best Estimate Liabilities, following an internal capital management optimization.
Ongoing excellent P&C underlying performance
In Q1 2026, P&C insurance revenue stands at EUR 1,812 million, up 5.4% at constant exchange rates (down 2.5% at current exchange rates) compared to Q1 2025. This growth is mainly driven by Reinsurance thanks to strong renewals.
New business CSM in Q1 2026 stands at EUR 722 million, up 1.8% at current exchange rates, supported by reinsurance volume growth and positive retrocession impacts.
P&C (re)insurance key figures:
In EUR million (at current exchange rates)
Q1 2026
Q1 2025
Variation
P&C insurance revenue
1,812
1,858
-2.5%
P&C insurance service result
255
205
+24.0%
Combined ratio
80.2%
85.0%
-4.8 pts
P&C new business CSM
722
710
+1.8%
The P&C combined ratio stands at 80.2% in Q1 2026, compared to 85.0% in Q1 2025. It includes:
A Nat Cat ratio of 4.2%, reflecting a benign Nat Cat activity during the quarter;
An attritional loss and commission ratio of 77.7%, reflecting strong underlying performance including additional buffer building and the Middle East conflict IBNR6 provision;
A discount effect of -10.0%;
An attributable expense ratio of 7.8%.
The P&C insurance service result of EUR 255 million is driven by a CSM amortization of EUR 243 million, a risk adjustment release of EUR 30 million, an experience variance of EUR -2 million, and an onerous contracts impact of EUR -16 million. The experience variance reflects mainly lower-than-expected Nat Cat experience, offset by opportunistic buffer building.
April P&C reinsurance treaty renewals
In a more competitive environment for the April renewals, SCOR protected margins through continued underwriting discipline, leading to an increase of net underwriting ratio of less than 1 point. Year-to-date, net underwriting ratio is expected to increase by 2 percentage points.
EGPI decreases by 8.7% (i.e. EUR -66m) in traditional reinsurance during the April renewals, mainly reflecting a deliberate reduction in US Casualty volumes and an average price decrease of around 3.5%. In Alternative Solutions, EGPI decreases by 5.5% (i.e. EUR -9m).
As a reminder, premiums renewed in April represent around 10% of total P&C premiums (12% of total P&C reinsurance treaty premiums).
For the remaining 2026 renewals, SCOR is preparing for an ongoing competitive market and will continue with the disciplined implementation of its diversified Forward 2026 underwriting strategy.
L&H insurance service result in line with expectations
In Q1 2026, L&H insurance revenue stands at EUR 2,004 million, down 0.4% at constant exchange rates (-9.1% at current exchange rates) compared to Q1 2025. SCOR continues to build its L&H CSM through new business generation (EUR 115 million new business CSM7 generation in Q1 2026), notably from Protection and Longevity.
The L&H insurance service result2 amounts to EUR 107 million in Q1 2026. It includes:
A CSM amortization of EUR 87 million in line with expectations;
A Risk Adjustment release of EUR 30 million;
An experience variance of EUR -16 million;
A positive impact of onerous contracts of EUR 5 million.
L&H reinsurance key figures:
In EUR million(at current exchange rates)
Q1 2026
Q1 2025
Variation
L&H insurance revenue
2,004
2,205
-9.1%
L&H insurance service result2
107
118
-9.3%
L&H new business CSM7
115
76
+51.4%
Return on invested assets of 3.8% for investments
As at 31 March 2026, 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 4.1 years.
Investments key figures:
In EUR million (at current exchange rates)
Q1 2026
Q1 2025
Variation
Total invested assets
23,455
24,330
-3.6%
Regular income yield(*)
3.6%
3.5%
+0.1 pt
Return on invested assets(*),(**)
