SCOR (SCR) Q2 2025 earnings summary

Executive summary

• Net income reached EUR 425 million for H1 2025, with EUR 226 million in Q2 2025, and annualized ROE of 20.3% for H1 and 22.6% for Q2, reflecting strong performance across all business segments.

• Economic value increased by 10.5% at constant economics, reaching EUR 8.5 billion at Q2 2025, despite a reported decrease due to mark-to-market impacts and dividend payments.

• Group solvency ratio stood at 210% as of June 30, 2025, at the upper end of the optimal range, supported by strong capital generation.

• P&C combined ratio improved to 82.5% in Q2 2025, driven by low natural catastrophe losses and strong attritional performance.

• Life & Health delivered results in line with expectations, with a robust new business CSM and ongoing execution of profitability plans.

Financial highlights

• H1 2025 net income was EUR 425 million, with Q2 2025 net income at EUR 226 million; annualized ROE was 20.3% for H1 and 22.6% for Q2.

• Insurance revenue for H1 2025 was EUR 7,883 million, down 3.8% year-over-year; Q2 2025 revenue was EUR 3,819 million, down 6.5%.

• Investment income rose to EUR 480 million in H1 2025, with a return on invested assets of 3.7% and regular income yield of 3.5% in Q2.

• Operating cash flow increased to EUR 546 million in H1 2025, with Q2 2025 at EUR 395 million.

• Book value per share was EUR 23.09 and economic value per share was EUR 47.35 as of June 30, 2025.

Outlook and guidance

• Forward 2026 targets reaffirmed: 9% annual economic value growth, solvency ratio between 185%-220%, and ROE above 12% p.a.

• P&C insurance revenue growth guidance for 2025 revised to flattish, with optimism for 2026.

• Continued focus on disciplined underwriting, profitable and diversifying lines, and value creation in both L&H and P&C.

• Expects continued overcapacity in reinsurance, likely to pressure pricing, but remains focused on underwriting discipline and capital redeployment.

• Confident in ability to execute the Forward 2026 strategic plan despite competitive pressures.