SCOR has reported net income of €200 million for the first quarter of 2025 (€195 million adjusted), with results supported by performance across its property and casualty (P&C), life and health (L&H), and investment operations.
The P&C segment recorded a combined ratio of 85.0% for the quarter, with a 74.7% attritional loss and commission ratio contributing to the result. Natural catastrophe claims accounted for 12.5% of the combined ratio, primarily due to losses from the wildfires in Los Angeles.
In the L&H segment, the insurance service result reached €118 million. The result was attributed to contractual service margin amortization and risk adjustment release aligned with expectations, along with a neutral experience variance.
In the previous quarter, the reinsurer reported a net income of €233 million for the fourth quarter of 2024, with all business segments contributing to the result. The adjusted net income for the quarter stood at €235 million.
SCOR’s investment activities generated a regular income yield of 3.5% in the quarter. The company cited favorable reinvestment rates as a contributing factor to overall investment performance.
The effective tax rate for the quarter stood at 29.7%. SCOR reported an annualized return on equity (ROE) of 18.7% (18.3% adjusted). The group’s economic value increased by 6.8% at constant economics.
As of the end of Q1 2025, SCOR’s estimated solvency ratio was 212%, an increase of 2 percentage points from year-end 2024, supported by positive net operating capital generation.
Chief executive officer Thierry Léger (pictured above) noted that the P&C business absorbed natural catastrophe losses while maintaining its performance level, L&H delivered stable outcomes, and the investment portfolio benefited from favorable returns.
The company has overhauled its L&H business in recent months due to massive losses recorded in the previous year, culminating in the appointment of Philipp Rüede as new CEO for the division, as announced in April.
Meanwhile, SCOR’s shareholders also approved all resolutions proposed by the board of directors during its annual meeting, including the approval of a €1.80 per share dividend for the 2024 financial year.
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