SCOR reported an adjusted net income of EUR846 million for 2025, representing a return on equity of 19.1%, a significant improvement on the prior year.

Its strong results were driven by improvement in its Life and Health (L&H) segment and continued outperformance in Property and Casualty (P&C) business.

A challenging 2024 was impacted by a comprehensive review of L&H reserving assumptions, which affected 2024 profitability and led to a negative insurance service result (ISR).

However, Fitch considers that the impact on earnings was mainly felt in 2024. The revised ISR target for L&H is now EUR400 million a year, which the rating agency believes is achievable.

Confirming this turnaround, SCOR’s 2025 L&H ISR reached EUR450 million, surpassing the new target and marking a significant improvement from the negative EUR348 million recorded in 2024.

New business contractual service margin (CSM) was EUR464 million, a 4.3% decrease attributed to lower premium following the assumption review.

The P&C division continued to deliver robust results with a combined ratio of 82.3%, an improvement from 86.3% in 2024, meeting its strategic target assumption of less than 87%.

This was supported by lower natural catastrophe losses and robust attritional loss ratios, partly offset by continued reserves buffer building.

Furthermore, the P&C Insurance Service Revenue (ISR) saw a 23% increase, reaching EUR957 million, while new business Contractual Service Margin (CSM) grew by 8.9% to EUR1.1 billion.

The group’s investment income remained strong at EUR835 million, benefiting from asset-libility management and higher reinvestment rates, resulting in a 3.5% return on invested assets.

SCOR maintained a very strong capital position with a Solvency II coverage ratio of 215% (2024: 210%), placing it at the top end of the optimal range of 185%-220%, reflecting robust operating capital generation and prudent risk management.

According to Fitch, these metrics are supportive of its revision of SCOR’s Outlook to Positive from Stable in October 2025.

While underlying operating capital generation reached EUR 1 billion, it was largely offset by market variances, ALM actions, and a proposed dividend of EUR341 million. Closing shareholders’ equity stood at EUR4.4 billion.

For 2026, the growth outlook remains positive. SCOR’s January 2026 treaty renewals showed a 4.7%increase in traditional reinsurance gross premium, driven by targeted expansion in P&C, particularly in APAC and North America, and strong performance with core clients.

Alternative Solutions grew by an exceptional 80.5%, reflecting rising demand for innovative, structured risk transfer. Disciplined underwriting enabled SCOR to maintain broadly stable terms and conditions, including attachment points, and achieve a 2% increase in the net underwriting ratio.

Fitch expects SCOR’s solvency position to remain very strong and within the group’s target range in 2026.

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SCOR delivered a strong performance in the fourth quarter and full year 2025, producing net income of €208 million and $851 million, respectively, with a robust underlying property and casualty (P&C) result.

In 2025, SCOR’s Group gross written premiums (GWP) fell by 6.8% year-on-year, with a retraction in both P&C and the life and health (L&H) reinsurance division.

Regarding the 1.1 2026 renewals, the reinsurer said that it was able to achieve broadly stable terms and conditions including attachment points as it targeted selective growth.

In light of the current softening property market landscape, CEO Léger was questioned on SCOR’s appetite for North America catastrophe risk ahead of the mid-year reinsurance renewals, to which the executive emphasised SCOR’s “pretty stark underweight position”, which is why in the past, including at 1.1 2026, it has been a growth area for the firm.

“While the prices have been declining, the demand has been up. It’s always healthy to be in a more competitive environment, but the demand is still up. So, it does actually help the price adequacy and the price quality. So, we still see nat cat in North America as adequately priced, and if that remains so, we will cautiously try to expand,” said Léger.

The CEO went on to stress that when SCOR looks to expand in any market, it does so with targeted clients where the company has long discussions to ascertain how growth will be achieved.

“So, what we’re not doing, we’re not just putting more capacity into the market, flooding the market with more competitive capacity. We are really trying to have a very targeted discussion with some core clients. And again, if the rate adequacy remains more or less where it is now, we would have a bit more appetite,” he said.

Léger continued: “I just want to make sure that everyone understands we are totally preparing for markets that might become even more competitive, and we are very clear where our hurdle rates are, and when prices fall, in any line of business, below those hurdle rates, we start to take action.

“I’ve been long enough in this industry to learn that in a soft cycle, it’s really first about avoiding mistakes, and secondly, you have to look at those hurdle rates and take action if needed. But, personally, I expect for us, North America cat to be above firm rates on some of the businesses, and I still believe there will be opportunities for us to expand.”

While the question focused on the North America catastrophe space, Léger also offered his thoughts on the US casualty market, which he described as the biggest risk pool in the world for re/insurers, and one which SCOR applies a very cautious approach.

Léger said, “We have now seen market data for the years ’22, ’23, and actually, they show the conservative approach that SCOR applied has proven right. And I have been very clear three years ago, four years ago, I don’t have a crystal ball, but I am not sure we are in a hard market, like many said. So, I’m much more cautious still.”

He continued, “I think that the price increases we see only partially and only sometimes cover loss trends. Definitely, more so on the direct side. On the reinsurance side, given where the commission levels are, I find it overall still not an attractive market.

“And now new retro capacities are being built in that space, alternative retro capacity, and they do not help the price evolution. If at all, they will actually block further price increases. And so, the use of those vehicles will just delay the necessary reaction of the market, but it will happen one day, when people will just be tired of pouring money into this area.”

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In the new role, she will develop an integrated tech, data & AI strategy under the firm’s next strategic plan, building on the existing strategies, foundations and organisations.

Kyriakopoulou joined SCOR in 2024 as the Chief Data & Analytics Officer, and has since shaped and delivered key components of the firm’s data & AI ambitions. Her deep expertise and strategic vision position her strongly to drive this next chapter, says the Paris-headquartered reinsurer.

She has expertise in tech, data & analytics, and has previously spent over six years with reinsurer Swiss Re, serving as Head Data & Analytics Reinsurance, Group Digital & Technology.

Kyriakopoulou’s previous roles at Swiss Re also include serving as Head of Swiss Re Institute/Group Underwriting InfoTech, and Head of Data & Smart Analytics, Director of Asset Management.

Prior to this, she also worked as Digitalisation, Director at Vontobel Asset Management, leading analytics initiatives to transform the firm into an insights-driven organisation, as an IPS Capital Markets Structurer and Associate Director at UBS, and also spent more than three years at Credit Suisse as Business Project Manager FX/OTC, AVP.

The reinsurer commented, “Tech and Data & AI are central to SCOR’s ambition to become a truly data‑led, tech‑enabled and AI‑powered reinsurer. As we prepare for our next strategic cycle, unifying our efforts across these domains is essential. Please join us in congratulating Sofia as we continue our journey to build the reinsurer of tomorrow.”

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Speaking to the media after the release of a strong set of results for the fourth quarter and full year 2025, SCOR’s CEO commented on the situation in the Middle East.

“First of all, our thoughts are with the populations in the affected countries. War should always be a means of last resort only, and we hope that the conflict can be resolved soon. For SCOR, the immediate impact in terms of claims is negligible at this point in time. War is excluded from most of our contracts and where covered, our exposures are clearly limited, monitored and priced for,” he said.

The Middle East conflict escalated over the weekend, with numerous strikes from the US and Israel leading to retaliatory attacks from Iran, triggering significant destruction and disruptions across the region.

In light of the grave situation, Léger was asked whether SCOR is taking any notable underwriting action to limit any exposure.

“It’s yes and no,” said the CEO. “Our contracts usually are renewed for one year. With fixed durations on all those contracts, you’re at risk. But very generally, contracts exclude war, war is one of the strongest exclusions in reinsurance, it’s an exclusion that is applied everywhere, as a standard. So, when we cover war, in certain lines of business, then it is done in a way that is well controlled.”

He underlined that the Paris-headquartered reinsurer monitors the risk closely, and thus is not carrying unknown exposures, which is important.

“That’s also why when you look at property, most of the risks exclude war. There’s some properties that have paid for specific war cover, and then we cover that with that inclusion. So, there are indeed some exposures in the region, property exposures, usually bigger ones, that include a war cover. But again, limited, clearly controlled and everything.

“Beyond that, it’s clear that we have other covers that are specific for war – political violence, political risk, that’s their business, so nothing to worry about, that’s just the business we are in. And then, beyond that… it’s also marine, and marine we have the ability to cancel the cover, and so that’s a process that’s on our clients side. So, our clients in places where war is starting, actually, are looking very closely and monitoring very closely what is going on, and indeed are cancelling policy covers,” said Léger.

On the aviation side, the CEO noted that everyone is watching the development as there’s both planes on the ground and in the air, although he expressed hope that planes in the air will not be an issue.

“Not so much because of us insurers and reinsurers, but otherwise, I hope we are fine in the air and can still fly. There are planes on the ground, this is an area of heightened attention. There are similar possibilities, of course, to address covers, but in aviation typically there is a difference between war and non-war, and war is typically very limited, clearly defined, and priced for,” he said.

“So, overall, really nothing to worry about here with this conflict, it’s the core of our business, we know how to handle it. Even if it goes a bit longer, the industry can respond to such challenges,” concluded Léger.

Yesterday, S&P indicated that reinsurers’ capital adequacy is strong enough to mitigate the potential risk of credit quality deterioration as a result of the war in the Middle East, warning that the most impacted will be those with broad geographic footprints and significant exposure to specialty markets in the region.

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For the 2025 financial year, SCOR saw a 4.6% year-on-year decline in insurance revenue to €15.4 billion, and a 5.6% decline for the fourth quarter to €3.8 billion.

Group-wide, gross written premiums (GWP) fell by 6.8% in FY’25 to €18.7 billion, and fell by 9.6% in Q4’25 to €4.6 billion. P&C premiums fell to €2.2 billion in Q4’25 from €2.5 billion in Q4’24, and fell by 5.7% in FY’25 to €9.3 billion. L&H premiums also decreased, to €2.3 billion in Q4’25 from €2.5 billion in Q4’24, and from €10.2 billion in FY’24 to €9.4 billion in FY’25.

The insurance service result, which reflects underwriting profitability, increased to more than €1.4 billion for the full year, and increased by 4% to €371 million in Q4’25.

SCOR produced an annualised ROE of 19.2% for FY’25 with solid net income of €851 million, and an ROE of 20.4% with an 11% decrease in net income to €208 million for the fourth quarter.

Within the P&C reinsurance division, revenue decreased by 4.4% to €7.3 billion in FY’25 and decreased by 7% to €1.8 billion in Q4’25, as SCOR highlights the impact of SBS’s past portfolio actions, as well as increased competition in property.

The P&C insurance service result increased to €256 million in Q4’25 from €238 million in Q4’24, and for the full year 2025 increased to €957 million compared with €779 million in 2024.

The P&C combined ratio strengthened by 2.2 percentage points to 80.9% in Q4’25 and strengthened by 4 percentage points to 82.3% for the full year 2025. The quarter’s combined ratio includes a natural catastrophe ratio of 7.6%, reflecting a quarter of moderate natural catastrophe activity, says SCOR. Over the full year 2025, the natural catastrophe ratio of 6.8% is below budget despite the impacts of both the California wildfires and hurricane Melissa.

SCOR also notes that the completion of its annual P&C year-end reserve review confirms that all lines are at best estimate and the carrier’s reserve resilience has increased.

The P&C new business CSM in Q4’25 hit €11 million, mainly driven by the low number of renewals and early recognition of some retrocession contracts renewed at the January 1st, 2026, renewals. For the year, the new business CSM increased to €1.1 billion from €1 billion in 2024.

At the 1.1 2026 renewals, SCOR says that it was able to achieve broadly stable terms and conditions including attachment points, while the firm targeted selective growth.

In life and health (L&H) reinsurance, revenue dipped by 3.3% to €2 billion in Q4’25 and came down by 4.8% to €8.1 billion in FY’25, while the L&H new business CSM rose by 51.2% to €170 million for the quarter, but fell by 4.3% to €464 million for the full year. The L&H insurance service result decreased by 3.1% to €115 million for Q4’25, and improved to €450 million for the full year 2025, compared with a loss of €348 million in 2024.

On the asset side of the balance sheet, total invested assets reduced to €23.5 billion in Q4’25 from €24.2 billion in Q4’24, with a return on invested assets of 3.6%, an improvement on the prior year’s 3.3%.

Thierry Léger, Chief Executive Officer of SCOR, said: “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.”

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The rollout, completed in 2025, marks another key milestone in the evolution of SCOR Digital Solutions’ claims automation capability in the region.

It integrates the automated decisioning tool across several of AIA’s key funds. The move is designed to streamline the claims process, providing faster and more consistent outcomes for policyholders during the lodgment stage.

Tracey Crowe, General Manager for Claims and Underwriting at AIA Australia, stated: “We are always looking for opportunities to deliver simpler, faster and more connected experiences and services to the members of our fund partners.

“There is no question that the VClaims rules engine forms an important part of the puzzle – we want people to have a seamless, efficient and consistent experience, at a time when they are at their most vulnerable.”

The deployment also reinforces the long-term partnership between SCOR and Adviser Connect, the technology provider behind VClaims in the Australia and New Zealand market.

Over the past decade, the partnership has supported more than 20,000 claims and 60 schemes across multiple insurers, demonstrating both scale and operational maturity.

Ian Jarvie, Chief Executive Officer of Adviser Connect, commented: “This deployment demonstrates the strength of the collaboration between AIA, SCOR and Adviser Connect, and our shared commitment to delivering claims capability that performs reliably at scale in live production environments.”

As claims volumes increase and regulatory requirements become more demanding, insurers are increasingly turning to rules-based engines, SCOR explains.

Rules engines sit at the core of modern claims automation, translating policy intent into consistent, auditable decisions at speed, while orchestrating how data, digital lodgment, and human judgment come together across the claims journey.

When embedded within a broader claims operating model, rules-based decisioning becomes a foundation for faster customer outcomes, stronger governance, and a more resilient claims capability that can evolve as regulation, risk, and customer expectations change.

SCOR Digital Solutions offers a modular, API-led claims automation proposition combining digital lodgment, the VClaims rules engine, and an AI orchestration layer for end-to-end decisioning and case management.

These components can be deployed independently or together, allowing insurers to scale automation based on their local strategy, maturity, and regulatory context.

In Australia and New Zealand, VClaims is delivered in partnership with Adviser Connect as the local technology provider, while the broader SCOR Digital Solutions claims automation capability is designed to support global markets.

Ryan Gailey, Head of Automated Claims Strategy at SCOR Digital Solutions, said: “We value working with customer-focused insurers like AIA who are pushing claims innovation forward in practice, not just in theory. This expansion of VClaims reflects long-term investment in practical, deployable claims automation that supports human judgment in everyday claims work.”

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Under the agreement, DUAL Brazil and SCOR will reportedly offer capacity across Property, Casualty, Professional Indemnity (PI) and Directors & Officers (D&O) lines.

DUAL explained that by introducing new capacity to the market, the partnership responds to rising demand for sophisticated corporate insurance solutions in Brazil.

The MGA continued, “This will enable brokers to deliver stronger value to their clients through enhanced optionality, technical excellence and stability.

“Brokers and their clients will have access to higher limits for complex risks, broader coverage tailored to local needs, and faster, more agile service.

“This is all supported by DUAL’s deep regional expertise and SCOR’s specialist experience in establishing and supporting MGA partnerships.”

Francisco Vogt Marques, Managing Director, DUAL Brazil, commented, “Our partnership with SCOR reinforces our commitment to delivering capacity, agility and technical excellence to the Brazilian market.

“In collaboration with our subsidiaries and carriers, DUAL offers robust and efficient solutions tailored to local needs, and we are delighted to broaden our offering to brokers and clients.”

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Through this appointment, the reinsurer aims to bring together expertise in tech & data, finance, and property & casualty reinsurance operations to its Bucharest office to design smarter, more resilient processes and solutions.

Romanescu has nearly three decades of experience in various industries, including IT, Telecom, and business services, with expertise in developing and scaling operations.

He has coordinated large teams internationally and led organisations through rapid growth, with a leadership style focused on people, strategy, and execution.

Romanescu commented, “I take on this role with responsibility and a very clear direction: to build a team and capabilities in Romania that provide relevant impact in the SCOR global network.

“We will continue to develop a rigorous, performance – and collaboration-oriented organisation, where technology, data, and human expertise work together to enhance SCOR’s global operations.”

Claudia Dill, Group Chief Operating Officer, SCOR, added, “SCOR Bucharest plays a strategic role in how SCOR strengthens its capabilities and accelerates the transformation of its operating model.

“Andrei’s appointment supports our ambition to build an integrated, globally connected transformation hub that fosters innovation, drives operational excellence and reinforces SCOR’s long-term resilience.”

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Speaking during SCOR’s 1.1 2026 P&C renewal call, Conoscente said cedents are seeking to limit their core panels to between seven and around 10 to 12 reinsurers, with whom they place roughly 80% or more of their programmes.

He explained, “Those clients view that as a benefit. It’s still good competition because you have a large number of participants, but it makes it easier if there are specific losses, if there are discussions around wordings and things like that, to have a limited number with a broad relationship overall.”

Conoscente noted that in 2023, when the market was hardened and capacity was scarce, clients took on as many reinsurers as possible.

“Now, as we enter a market where capacity is in larger supply, they want to go back and sort of rationalise their panel a little bit,” he said.

Conoscente added, “And in that movement, SCOR benefited because we have a wide breadth of coverage we can offer across lines of business, across geographies, and meaningful capacity. So, we gain from that movement at January 1st.”

During the call, Conoscente also commented on catastrophe price adequacy at 1.1, saying the outcome was very much in line with SCOR’s expectations.

“Price adequacy we see as very high on cat, not just because of pricing, but also because of the structural changes that took place since 2023, and has been stable ever since. So, we think cat is a line of business, despite the change in pricing seen at 1.1, still remains highly attractive,” he said.

SCOR has also disclosed its January 2026 reinsurance renewal results, reporting selective portfolio growth in a competitive pricing environment. Within traditional P&C reinsurance lines, SCOR posted a 7.4% EGPI uplift to €2.848 billion.

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Within traditional P&C reinsurance lines, SCOR reported a 7.4% EGPI uplift to €2.848 billion, supported by continued demand from core clients and solid activity across Asia-Pacific and North America.

Meanwhile, Specialty lines remained resilient, with modest growth of 0.3% to €1.645 billion, despite ongoing market pricing pressures.

SCOR explained that demand for reinsurance coverage remains elevated, though competition has intensified in the P&C reinsurance market following strong profits and an increase in capital supply.

“This has driven prices down in most lines, especially on non-proportional placements. Nevertheless, the reinsurance market remained disciplined on structures and terms and conditions,” the French reinsurer added.

The overall gross price change for SCOR’s portfolio at 1.1 2026 is -1.9%, with -7.8% on non-proportional, and +0.1% on proportional.

Jean-Paul Conoscente, CEO of P&C at SCOR, commented, “In a more competitive environment, we are satisfied with the outcome of the 1.1 renewals, which combine growth with an adequate level of profitability.

“SCOR achieved targeted growth of 4.7% for its traditional reinsurance, leveraging its franchise to grow with core clients under broadly stable terms and conditions, including attachment points.

“The increase in the net underwriting ratio is estimated at 2.0 percentage points, supported by our retrocession buying.

“I also want to highlight the continued momentum in Alternative Solutions, where we delivered another strong renewal season driven mostly by our core appetite for capital relief transactions.

“Looking ahead, we believe SCOR can continue to play on its strengths to capture profitable opportunities.”

According to SCOR, around 2/3 of its P&C Reinsurance book is renewed in January, representing 50% of SCOR’s total P&C premiums.

The firm concluded that for the remaining renewals in 2026, it is prepared for a continued competitive market and will carry on with its Forward 2026 diversified growth strategy in a disciplined way.

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