SCOR公布2026年二季度业绩，P&C承保表现强但收入和同比利润承压

U.S. launches fresh strikes on Iran as fighting intensifies across Middle East
Introduction & Market Context
SCOR SE (EPA:SCR) presented its second-quarter 2026 results on July 30, 2026, showcasing stronger-than-expected profitability and robust capital strength. The French reinsurer reported adjusted earnings per share of $1.05, beating analyst estimates of $0.8921 by 17.7%, while revenue of $3.72 billion came in slightly below the $3.75 billion forecast. The market responded positively, with shares rising 4.07% to $34.78, approaching the 52-week high of $35.30.
The presentation highlighted key achievements across SCOR’s three main business segments: Property & Casualty reinsurance, Life & Health, and Investments, with particular strength in underwriting discipline and capital generation.
Quarterly Performance Highlights
As shown in the following overview of second-quarter results, SCOR delivered EUR 171 million in net income for Q2 2026, or EUR 188 million on an adjusted basis excluding the mark-to-market impact of the option on own shares.
The company achieved an annualized adjusted return on equity of 18.0% in the quarter, well above its Forward 2026 strategic target of 12%. For the first half of 2026, adjusted net income reached EUR 409 million with an annualized ROE of 19.0%, demonstrating consistent profitability momentum.
Insurance revenue for the quarter totaled EUR 3.6 billion, while management expenses remained disciplined at EUR 310 million. The company’s investment portfolio generated a 3.7% return on invested assets with a regular income yield of 3.6%, benefiting from attractive reinvestment rates in the current market environment.
The following chart illustrates SCOR’s first-half performance across key metrics and business segments:
Property & Casualty: Exceptional Underwriting Performance
SCOR’s P&C segment delivered outstanding results in Q2 2026, with a combined ratio of 79.5%, a significant improvement from 82.5% in the prior-year quarter. The insurance service result reached EUR 269 million, up from EUR 241 million in Q2 2025.
The strong performance was driven by several factors. The natural catastrophe loss ratio came in at just 2.9% for the quarter, reflecting benign catastrophe activity and translating to a first-half Cat ratio of 3.5%. This compares favorably to the 3.8% ratio in Q2 2025 and 8.2% for H1 2025.
As illustrated in the detailed breakdown below, the attritional loss and commission ratio improved to 76.8% from 77.4%, demonstrating excellent underlying underwriting quality:
Management emphasized that the company continues to build additional buffers into its reserves, adding EUR 300 million to P&C Best Estimates Liabilities in Q1 2026 and implementing EUR 160 million of deleveraging actions in Q2. This prudent approach prioritizes balance sheet resilience even as current experience remains favorable.
New business Contractual Service Margin (CSM) for P&C totaled EUR 255 million in Q2 2026, up from EUR 225 million in the prior-year quarter. For the first half, new business CSM reached EUR 978 million, driven by reinsurance volumes, lower retrocession costs, and higher contributions from SCOR Business Solutions and Cedant Facultative.
Life & Health: Normalized Performance Offset by One-Time Charge
The Life & Health segment reported an insurance service result of EUR 49 million in Q2 2026, down from EUR 118 million in the prior-year quarter. However, this figure includes a one-off arbitration impact of EUR 64 million. Excluding this charge, the normalized insurance service result would have been EUR 113 million, in line with management expectations.
For the first half of 2026, L&H insurance service result totaled EUR 157 million, or EUR 221 million excluding the arbitration impact. New business CSM for the segment reached EUR 101 million in Q2 and EUR 216 million for H1, broadly stable compared to H1 2025, with higher contributions from longevity and financial solutions.
Management noted that experience variance and onerous contracts remained within expected ranges, and the segment is positioned for revenue growth in the second half of 2026, supported by protection products, financial solutions, and longevity transactions.
Investment Portfolio: Disciplined Allocation and Attractive Yields
SCOR’s investment portfolio totaled EUR 23.2 billion as of June 30, 2026, generating investment income of EUR 214 million in Q2 2026. The regular income yield of 3.6% represents an improvement of approximately 10 basis points versus Q2 2025, while the return on invested assets remained steady at 3.7%.
The following chart shows the portfolio’s asset allocation, which remains heavily weighted toward fixed income at 78% of total invested assets:
The reinvestment rate stood at an attractive 4.3% as of June 30, 2026, based on current asset allocation and market conditions. The fixed income portfolio maintains very high quality with an A+ average rating and a duration of 4.4 years.
SCOR emphasized the portfolio’s high liquidity, with financial cash flows of EUR 8.1 billion expected over the next 24 months from current cash balances and future coupons and redemptions. Corporate bonds represent 41% of total invested assets, followed by government bonds and assimilated securities at 27%.
The company’s government bond portfolio, detailed in the presentation, shows diversified exposure across regions with no exposure to U.S. municipal bonds:
Similarly, the corporate bond portfolio demonstrates strong credit quality and diversification:
Capital Strength and Solvency Position
SCOR’s solvency ratio reached 220% at June 30, 2026, at the upper end of its optimal range of 185% to 220%. This represents a 5 percentage point increase from the 215% ratio at year-end 2025.
The following chart illustrates the solvency position and capital components:
Eligible Own Funds totaled EUR 9,345 million, while the Solvency Capital Requirement stood at EUR 4,250 million. Management highlighted that capital generation remains in line with FY 2026 guidance, with additional positives from benign first-half natural catastrophe experience and asset-liability management refinements.
The company’s Economic Value grew to EUR 9.0 billion, representing a 10.5% increase at constant economic assumptions from year-end 2025. This growth was primarily driven by strong P&C performance and investment returns.
As shown in the following waterfall chart, the Economic Value evolution demonstrates the business impact and investment performance contributions:
Economic Value per share increased to EUR 50.42 from EUR 48 at year-end 2025, while the financial leverage ratio improved to 23.2% from 25.3%, reflecting the company’s deleveraging actions during the quarter:
Renewals and Strategic Positioning
SCOR’s year-to-date renewals demonstrated disciplined underwriting with traditional reinsurance Estimated Gross Premium Income (EGPI) up 3.2% compared to 2025 premiums adjusted for revisions, foreign exchange, and late renewals. The net underwriting ratio increased by 2 percentage points, reflecting discipline, portfolio mix optimization, and retrocession buying that partially offset inward business margin erosion.
The following breakdown shows the YTD renewal performance across P&C Lines, Specialty Lines, and Alternative Solutions:
Alternative Solutions showed particularly strong growth, with EGPI up 71.7% year-to-date, driven by significant expansion in the U.S. market. This growth contributed to enhanced portfolio diversification.
For the June-July renewals specifically, which account for approximately 12.5% of P&C reinsurance premiums, traditional reinsurance EGPI grew 1.3%. However, this masked divergent trends across segments, with P&C Lines down 4.8% (driven by U.S. Casualty and U.S. Non-Cat Property), Specialty Lines up 19.8% (driven by Credit & Surety), and Alternative Solutions up 133.3%.
The gross price change for June-July renewals was -4.4% overall, with -9.5% on non-proportional business and -0.6% on proportional business. Despite the pricing pressure, the net underwriting ratio increased by less than 2 percentage points, demonstrating SCOR’s ability to maintain profitability through portfolio management and retrocession optimization.
As illustrated below, the June-July renewals resulted in a more diversified portfolio with increased Alternative Solutions representation:
Natural Catastrophe Risk Management
SCOR’s presentation included updated Probable Maximum Loss (PML) estimates for fiscal year 2026, showing the company’s exposure to major natural catastrophe perils:
The net 1-in-100 year Occurrence Exceedance Probability (OEP) PML for U.S. Hurricane increased to USD 777 million from USD 680 million in 2025, while European Wind exposure rose to EUR 462 million from EUR 348 million. For the 1-in-250 year scenarios, U.S. Earthquake exposure increased modestly to USD 546 million from USD 506 million, while Japan Earthquake exposure decreased to JPY 43 billion from JPY 50 billion.
These PML figures reflect SCOR’s disciplined approach to catastrophe risk accumulation and its use of retrocession to manage peak exposures.
Financial Strength and ESG Recognition
SCOR maintains strong financial strength ratings from all four major rating agencies. The company holds an A+ rating from both S&P Global (Stable outlook as of June 2025) and Fitch Ratings (Positive outlook as of October 2025), an A rating from AM Best (Stable outlook as of February 2026), and an A1 rating from Moody’s (Stable outlook as of August 2025).
The presentation also highlighted SCOR’s sustainability performance recognition:
The company’s ESG ratings from CDP, S&P Global, and MSCI demonstrate ongoing commitment to sustainability, with scores showing progress across multiple dimensions of environmental, social, and governance performance.
Forward Outlook
Management confirmed that SCOR remains on track to meet its Forward 2026 strategic plan objectives. The company expects annual capital generation of 3 to 5 percentage points net of dividend accrual, with this guidance reflecting core business performance and not assuming repeat benefits from benign catastrophe experience or asset-liability management changes.
For the P&C segment, SCOR expects the net combined ratio to worsen by approximately 2 percentage points as 2026 business earns through, partly offset by improved retrocession economics. In Life & Health, management anticipates revenue will return to growth in the second half of 2026, supported by protection products, financial solutions, and longevity transactions.
SCOR plans to present its Forward 2027 strategic plan at an investor day scheduled for December 3, 2026, and will release third-quarter 2026 results on October 30, 2026.
The company’s strong second-quarter performance, characterized by excellent underwriting discipline, robust capital generation, and strategic portfolio diversification, positions it well to continue delivering value to shareholders while maintaining prudent risk management in a dynamic reinsurance market environment.
Full presentation:
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.