Third quarter 2025 results
EUR 217 million net income in Q3 2025,
contributing to a strong nine-month net income of EUR 642 million
Group net income of EUR 217 million in Q3 2025 driven by all business activities (EUR 211 million adjusted1):
P&C combined ratio of 80.9% with a low natural catastrophe experience and continued buffer building
L&H insurance service result2 of EUR 98 million, with year-to-date experience variance in line with expectations
Investments regular income yield of 3.5%, with continued attractive reinvestment rates
IFRS 17 Group Economic Value3 of EUR 8.5 billion as at 30 September 2025, up +12.7%4 at constant economics5 (down -0.9% on a reported basis) compared with 31 December 2024, implying an Economic Value per share of EUR 48
Estimated Group solvency ratio of 210%6 as at 30 September 2025, in the upper part of the optimal solvency range of 185%-220%
Annualized Return on Equity of 22.1% (21.5% adjusted1) in Q3 2025 implying an annualized Return on Equity of 19.9% (19.5% adjusted1) for the first nine months of 2025
SCOR SE's Board of Directors met on 30 October 2025, under the chairmanship of Fabrice Brégier, to approve the Group's Q3 2025 financial statements.
Thierry Léger, Chief Executive Officer of SCOR, comments: "SCOR achieves a strong quarter delivering an annualized RoE of 22.1% in Q3 2025. The excellent combined ratio in P&C reflects our disciplined underwriting and successful strategy to grow into profitable and diversifying lines of business, combined with low natural catastrophe activity during the quarter. In line with our opportunistic buffer building strategy, SCOR has already been able to add an amount of prudence comparable to that built in FY 2024. L&H is on track to deliver on its updated Forward 2026 ISR target, underpinned by solid CSM amortization and a neutral experience variance. Investments continue to deliver stable and strong results. Looking ahead to the 1.1 renewals and beyond, SCOR will continue to leverage its Tier 1 franchise and to execute on its Forward 2026 plan in a disciplined way."
Group performance and context
SCOR records EUR 217 million net income (EUR 211 million adjusted1) in Q3 2025, driven by all business activities:
In P&C, the combined ratio stands at 80.9% in Q3 2025, including a natural catastrophe ratio of 2.7%, reflecting a quarter of low natural catastrophe activity. Over the first nine months of 2025, the natural catastrophe ratio of 6.4% remains below budget despite the LA wildfire impact in Q1 2025. Although the attritional loss ratio was impacted by man-made losses, SCOR was able to continue with its buffer building strategy in Q3.
In L&H, the insurance service result2 stands at EUR 98 million in Q3 2025, driven by a strong CSM amortization and a risk adjustment release, despite an impact from onerous contracts. On a 9M basis, the insurance result and experience variance are in line with expectations.
In Investments, SCOR benefits from still-elevated reinvestment rates in Q3 2025 and records a regular income yield of 3.5%.
The effective tax rate stands at 22.9% for Q3 2025, driven by the ongoing improved profitability of reinsurance activities under the French tax perimeter.
Over the first nine months of 2025, SCOR reports a net income of EUR 642 million (EUR 631 million adjusted1), implying an annualized Return on Equity of 19.9% (19.5% adjusted1).
The Group solvency ratio is estimated at 210% at the end of Q3 2025, in the upper part of the optimal range of 185%-220%, and stable compared to FY 2024 and H1 2025. The stable Group solvency ratio in Q3 reflects limited net capital generation in the absence of any significant P&C treaty reinsurance renewals, as well as the accrual of the FY dividend and neutral market variance over the quarter.
Group Economic Value3 under IFRS 17 stands at EUR 8.5 billion as at 30 September 2025, up +12.7%4 at constant economics compared with 31 December 2024.
Strong P&C underlying performance
In Q3 2025, P&C insurance revenue stands at EUR 1,813 million, up +3.1% at constant exchange rates (down -1.6% at current exchange rates) compared to Q3 2024. Both Reinsurance and SBS experience growth in the quarter, notably from Alternative Solutions and Specialty Lines.
New business CSM in Q3 2025 stands at EUR 170 million, down -3.2% at current exchange rates compared to Q3 2024, mainly driven by an unfavorable foreign exchange effect.
P&C (re)insurance key figures:
In EUR million (at current exchange rates)
Q3 2025
Q3 2024
Variation
9M 2025
9M 2024
Variation
P&C insurance revenue
1,813
1,842
-1.6%
5,504
5,710
-3.6%
P&C insurance service result
255
159
60.4%
701
542
29.5%
Combined ratio
80.9%
88.3%
-7.5pts
82.8%
87.4%
-4.6pts
P&C new business CSM
170
175
-3.2%
1,104
1,067
3.5%
The P&C combined ratio stands at 80.9% in Q3 2025, compared to 88.3% in Q3 2024. It includes:
A Nat Cat ratio of 2.7%, reflecting a quarter with low Cat activity;
An attritional loss and commission ratio of 79.2%, including additional buffer building;
A discount effect of -8.4%;
An attributable expense ratio of 8.2%.
The P&C insurance service result of EUR 255 million is driven by a CSM amortization of EUR 267 million, a risk adjustment release of EUR 32 million, a negative experience variance of EUR -53 million, and an onerous contracts impact of EUR 9 million. The negative experience variance reflects man-made losses and additional buffer building, partly offset by favorable Nat Cat.
L&H Q3 experience variances in line with expectations
In Q3 2025, L&H insurance revenue amounts to EUR 1,900 million, down -5.2% at constant exchange rates (-9.6% at current exchange rates) compared to Q3 2024. SCOR continues to build its L&H CSM through new business generation (EUR 82 million new business CSM7 in Q3 2025), notably from Protection and Financial Solutions.
L&H reinsurance key figures:
In EUR million (at current exchange rates)
Q3 2025
Q3 2024
Variation
9M 2025
9M 2024
Variation
L&H insurance revenue
1,900
2,102
-9.6%
6,091
6,432
-5.3%
L&H insurance service result
98
-210
n.a.
334
-467
n.a.
L&H new business CSM
82
116
-28.7%
294
373
-21.1%
The L&H insurance service result amounts to EUR 98 million in Q3 2025. It includes:
A CSM amortization of EUR 92 million, higher than expected;
A Risk Adjustment release of EUR 30 million;
An experience variance of EUR -6 million, bringing the YTD experience variance to EUR -11 million;
A negative onerous contracts impact of EUR -20 million.
Investments delivering a return on invested assets at 3.3%
As at 30 September 2025, total invested assets amount to EUR 23.4 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 3.9 years.Investments key figures:
In EUR million (at current exchange rates)
Q3 2025
Q3 2024
Variation
9M 2025
9M 2024
Variation
Total invested assets
23,405
23,319
0.4%
23,405
23,319
0.4%
Regular income yield
3.5%
3.5%
0.0pt
3.5%
3.5%
0.0pt
Return on invested assets*
3.3%
4.0%
-0.7pt
3.5%
3.5%
0.0pt
(*) Fair value through income on invested assets excludes EUR 8 million in Q3 2025 and EUR 15 million in 9M 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 1908 million in Q3 2025. The return on invested assets stands at 3.3%8 (vs. 3.6% in Q2 2025) and the regular income yield stands at 3.5%, unchanged compared to Q2 2025.
The reinvestment rate stands at 4.0%9 as at 30 September 2025, compared to 4.1% as at 30 June 2025. The invested assets portfolio remains highly liquid and financial cash flows of EUR 8.8 billion are expected over the next 24 months10, enabling SCOR to benefit from still-elevated reinvestment rates.
*
* *APPENDIX
1 - SCOR Group Q3 2025 key financial details
In EUR million (at current exchange rates)
Q3 2025
