SCOR SE delivered a P&C combined ratio of 79.5% and maintained its solvency ratio at 220% in the second quarter of 2026, as benign catastrophe experience and strong underlying underwriting performance offset a one-off €64 million arbitration hit in the life and health book.
Group net income for Q2 came in at €171 million, down 24.1% from €226 million in Q2 2025. On an adjusted basis, which excludes the mark-to-market impact of options on own shares, net income reached €188 million, a decline of 16.4%. The H1 2026 net income totalled €397 million (€409 million adjusted), against €425 million (€420 million adjusted) a year earlier.
The annualised return on equity stood at 16.3% in Q2 (18% adjusted), down from 22.6% a year ago. Over the first half, the annualised ROE reached 18.5% (19.0% adjusted), above SCOR's Forward 2026 minimum target of 12%.
The P&C combined ratio of 79.5% improved three percentage points from 82.5% in Q2 2025. The natural catastrophe ratio was 2.9%, reflecting a benign quarter. The attritional loss and commission ratio was 76.8%, alongside a discount effect of -8.5% and an attributable expense ratio of 8.2%.
SCOR's P&C insurance revenue was €1.796 billion in Q2, down 2% at current exchange rates versus Q2 2025. The P&C insurance service result rose 11.6% to €269 million.
New business CSM in P&C reached €255 million in Q2, up 13.5% year on year. H1 new business CSM reached €978 million, up 4.6%.
The L&H insurance service result fell to €49 million in Q2 from €118 million a year earlier, a decline of 58%. The result was reduced by a negative experience variance of €60 million, which included a €64 million one-off charge from a Covéa arbitration outcome.
Excluding that item, the Q2 L&H insurance service result stood at €113 million, with a positive experience variance of €4 million. The arbitration concerned retrocession treaties on SCOR's Irish life and health book, and had been flagged as a known risk ahead of the quarter.
L&H insurance revenue declined 8% at current exchange rates to €1.828 billion in Q2. H1 L&H insurance service result reached €157 million, down 33.5% from €236 million. SCOR continued to generate new L&H business, with H1 new business CSM of €216 million, up 1.9%.
Total invested assets stood at €23.2 billion at June 30. The regular income yield rose to 3.6% from 3.5% in Q2 2025. The return on invested assets reached 3.7%.
The portfolio is 78% fixed income, with an average rating of A+ and a duration of 4.4 years. The reinvestment rate stood at 4.3%, with €8.1 billion of financial cash flows expected over the next 24 months.
SCOR's group economic value rose 5.8% on a reported basis to €9 billion at June 30, or 10.5% at constant economic assumptions. Economic value per share reached €50, up from €48 at year-end 2025. The financial leverage ratio fell 2.2 percentage points to 23.2%.
At the June-July P&C treaty renewals, estimated gross premium income on business up for renewal grew 1.3% for traditional reinsurance. Specialty lines led with 19.8% growth, driven by credit and surety, while alternative solutions recorded growth of 133%.
US property (non-cat) and US casualty declined. Premiums up for renewal in that window represent approximately 13% of annual P&C reinsurance premiums.
"In P&C, we continued to combine diversified growth with strict underwriting discipline in an increasingly competitive market," said SCOR chief executive Thierry Léger. "In L&H, we delivered another quarter in line with expectations while our investment portfolio continued to generate attractive and recurring income."
He described the second half as beginning from a position of strength, with the group focused on completing Forward 2026.
SCOR is listed on the Paris Stock Exchange under the ticker SCR. The group generated gross insurance revenue of €15.4 billion in 2025 and operates in more than 150 countries through more than 35 offices.
