Press release
31 July 2025 – N° 11
Second quarter 2025 results
EUR 226 million net income in Q2 2025,
contributing to a EUR 425 million net income in H1 2025
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SCOR SE’s Board of Directors met on 30 July 2025, under the chairmanship of Fabrice Brégier, to approve the Group’s Q2 2025 financial statements.
Thierry Léger, Chief Executive Officer of SCOR, comments: “After a strong first quarter, all our business activities continue to perform well, contributing to a Group net income of EUR 226 million in the second quarter of 2025. The excellent combined ratio in P&C is the result of our disciplined underwriting and of successful strategy to grow into profitable and diversifying lines of business. This allows us to build an additional level of prudence to our P&C reserves. L&H and Investments also deliver strong results. Despite increased competition in the P&C reinsurance segment, SCOR has compensated the impact by optimizing its business mix and retrocession, leading to an unchanged net expected technical profitability in the treaty renewals year-to-date. I remain confident for the rest of the year and in SCOR’s ability to execute the Forward 2026 strategic plan.”
Group performance and context
SCOR records EUR 226 million net income (EUR 225 million adjusted1) in Q2 2025, supported by all business activities:
- In P&C, the combined ratio stands at 82.5% in Q2 2025, including a natural catastrophe ratio of 3.8%, reflecting a benign quarter of low natural catastrophe activity. Over the first six months of 2025, the natural catastrophe ratio of 8.2% remains below the budget despite the LA wildfire impact in Q1. The excellent Nat Cat and attritional loss performance in the second quarter allow for additional buffer building.
- In L&H, the insurance service result2 stands at EUR 118 million in Q2 2025, driven by a strong CSM amortization including some positive one-offs, a risk adjustment release and a H1 experience variance in line with expectations.
- In Investments, SCOR benefits from still-elevated reinvestment rates in Q2 2025 and records a high regular income yield of 3.5%.
- The effective tax rate stands at 28.3% for Q2 2025.
The annualized Return on Equity stands at 22.6% (22.6% adjusted1) in Q2 2025 and the Group Economic Value over the first half of 2025 increases by 10.5%4 at constant economics5. Over the first half of 2025, SCOR reports a net income of EUR 425 million (EUR 420 million adjusted1), implying an annualized Return on Equity of 20.3% (20.1% adjusted1).
The Group solvency ratio is estimated at 210% at the end of Q2 2025, in the upper part of the optimal range of 185%-220%, and stable versus FY 2024. This is supported by the strong operating capital generation from all business activities, net of capital deployment for business growth and the accrual of dividend for the first half of 2025, partly offset by unfavorable market variances.
June-July P&C reinsurance treaty renewals
During the June-July 2025 renewals, SCOR continues to grow in its preferred and diversifying lines, maintaining its underwriting discipline in a competitive context.
EGPI7 on the business up for renewal in June-July stays flat, with continued growth in the diversifying lines (+11.8%8) driven by International Casualty and Marine, while Alternative Solutions declines by 3.8%, impacted by a large contract that was not renewed. Exposure to US Casualty is further reduced. As a reminder, premiums up for renewals in June-July represent c.14% of annual P&C reinsurance premiums up for renewals.
Since the start of the year, SCOR has achieved gross premium growth of +6.2%8 for its renewed portfolio with a stable price evolution. On a year-to-date basis, the net technical profitability9 is expected to remain unchanged for the renewed portfolio compared to last year. SCOR is successfully weathering a competitive environment thanks to its strategy of growing in a profitable and diversified way.
Looking ahead, SCOR anticipates a continued trend of overcapacity in the reinsurance segment, which is expected to exert pressure on pricing. Nonetheless, SCOR maintains a sharp focus on accessing attractive business opportunities, and is committed to maintaining stringent underwriting discipline, prepared to redeploy capital or reduce capacity if necessary to meet its hurdle rates.
Excellent P&C underlying performance
In Q2 2025, P&C insurance revenue stands at EUR 1,833 million, down -6.6% at constant exchange rates (down -9.7% at current exchange rates) compared to Q2 2024, impacted by a large contract commutation effect of -6.4 points. Excluding this effect, P&C insurance revenue would decline by -0.2% at constant exchange rates. Strong growth in the Reinsurance segment from preferred lines is mostly offset by reduced business in Agriculture and US Casualty reinsurance and in SCOR Business Solutions.
New business CSM in Q2 2025 stands at EUR 225 million, down -6.4% at current exchange rates compared to Q2 2024, mainly driven by an unfavorable foreign exchange effect. New business CSM in H1 2025 stands at EUR 935 million, up +4.8% compared to H1 2024, reflecting the successful P&C strategy to grow into profitable and diversifying lines of business.
P&C (re)insurance key figures:
| In EUR million
(at current exchange rates) |
Q2 2025 | Q2 2024 | Variation | H1 2025 | H1 2024 | Variation |
| P&C insurance revenue | 1,833 | 2,031 | -9.7% | 3,692 | 3,868 | -4.6% |
| P&C insurance service result | 241 | 201 | 19.6% | 446 | 383 | 16.6% |
| Combined ratio | 82.5% | 86.9% | -4.4pts | 83.7% | 87.0% | -3.3pts |
| P&C new business CSM | 225 | 240 | -6.4% | 935 | 891 | 4.8% |
The P&C combined ratio stands at 82.5% in Q2 2025, compared to 86.9% in Q2 2024. It includes:
- A Nat Cat ratio of 3.8%, reflecting a benign quarter with low Cat activity, and translating into a H1 cat ratio of 8.2%;
- An attritional loss and commission ratio of 77.4%, reflecting a strong underlying performance and additional buffer building;
- A discount effect of -6.3%;
- An attributable expense ratio of 7.7%.
The P&C insurance service result of EUR 241 million is driven by a CSM amortization of
EUR 286 million, a risk adjustment release of EUR 25 million, a negative experience variance of
EUR -60 million and an impact of onerous contracts of EUR 10 million.
L&H H1 experience variances in line with expectations
In Q2 2025, L&H insurance revenue amounts to EUR 1,986 million, down -0.1% at constant exchange rates (-3.3% at current exchange rates) compared to Q2 2024. SCOR continues to build its L&H CSM through new business generation (EUR 136 million new business CSM10 in Q2 2025), notably from Protection business with positive true ups from Q1 2025.
L&H reinsurance key figures:
| In EUR million
(at current exchange rates) |
Q2 2025 | Q2 2024 | Variation | H1 2025 | H1 2024 | Variation |
| L&H insurance revenue | 1,986 | 2,054 | -3.3% | 4,191 | 4,330 | -3.2% |
| L&H insurance service result | 118 | -329 | n.a. | 236 | -257 | n.a. |
| L&H new business CSM | 136 | 145 | -6.2% | 212 | 257 | -17.7% |
The L&H insurance service result amounts to EUR 118 million in Q2 2025. It includes:
- A CSM amortization of EUR 105 million, higher than expected, and partly driven by some positive one-offs;
- A Risk Adjustment release of EUR 29 million;
- An experience variance of EUR -7 million;
- A negative impact of onerous contracts of EUR -10 million.
Investments delivering a return on invested assets at 3.6%
As of 30 June 2025, total invested assets amount to EUR 23.2 billion. SCOR’s asset mix is optimized, with 78% 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) |
Q2 2025 | Q2 2024 | Variation | H1 2025 | H1 2024 | Variation |
| Total invested assets | 23,189 | 22,682 | 2.2% | 23,189 | 22,682 | 2.2% |
| Regular income yield | 3.5% | 3.6% | -0.1pt | 3.5% | 3.5% | 0pt |
| Return on invested assets* | 3.6% | 3.3% | 0.3pt | 3.7% | 3.3% | 0.4pt |
(*) Fair value through income on invested assets excludes EUR 1 million in Q2 2025 and EUR 7 million in H1 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 21011 million in Q2 2025. The return on invested assets stands at 3.6%11 (vs. 3.8% in Q1 2025) and the regular income yield at 3.5% (vs. 3.5% in Q1 2025).
The reinvestment rate stands at 4.1%12 as of 30 June 2025, compared to 4.3% as of 31 March 2025. The invested assets portfolio remains highly liquid and financial cash flows of EUR 8.5 billion are expected over the next …