SCOR (SCR) Q1 2026 earnings summary

Executive summary

• Net income reached EUR 225 million in Q1 2026, up 12.8% year-over-year, with adjusted net income at EUR 220 million and all business segments contributing positively.

• Annualized ROE was 21.7%, up 3.0 percentage points year-over-year, exceeding Forward 2026 targets.

• Economic Value grew 7.4% versus FY2025, reaching EUR 9.0 billion.

• Solvency ratio improved to 220%, a 5-point increase from FY2025, supported by strong operating capital generation.

• EUR 300 million buffer added to P&C best estimate liabilities, reflecting prudent reserving for Middle East conflict.

Financial highlights

• Insurance revenue was EUR 3.8 billion, down 6.1% year-over-year, mainly due to FX effects.

• Combined ratio at 80.2%, improved from 85.0% in Q1 2025, with nat cat ratio of 4.2% due to benign quarter.

• Insurance service result increased 11.9% to EUR 362 million; operating result rose 11.4% to EUR 353 million.

• Return on invested assets was 3.8%, with regular income yield at 3.6%.

• Operating cash flow was EUR 149 million, with total liquidity at EUR 2.4 billion.

Outlook and guidance

• Confident in delivering the Forward 2026 plan, with capital and cash generation to remain a focus.

• Full-year Solvency II capital generation guidance of 3-5 points reaffirmed, with Q1 already at the top of the range due to low nat cat activity.

• Ongoing competitive market conditions anticipated for the remainder of 2026 renewals, with continued underwriting discipline and margin protection.

• Forward 2026 assumptions include a solvency ratio in the 185%-220% range and annualized RoE above 12%.