SCOR has stretched its earnings recovery into a third consecutive quarter, with the French reinsurer posting first-quarter 2026 results showing net income of €225 million, adjusted net income of €220 million, and a return on equity of 21.7% as a light natural catastrophe quarter and elevated investment yields lifted performance.
The board approved the results on May 5 under the chairmanship of Fabrice Brégier. The group's solvency ratio rose 5 points to 220%, supported by net operating capital generation and the January P&C treaty renewals.
CEO Thierry Léger (pictured above) said all business activities contributed to the quarter's performance, with P&C operating at "an excellent level" and L&H performing in line with expectations.
He added that SCOR strengthened its balance sheet by adding €300 million of buffers to P&C Best Estimate Liabilities.
The 220% reading places SCOR at the top of the 185%–220% optimal solvency band the group has maintained as a strategic target since its 2013 Investor Day, and which was carried into the Forward 2026 plan as one of two equally weighted financial objectives, alongside annual Economic Value growth of 9%.
The ratio has climbed steadily from 201% at end-June 2024, when L&H pressures weighed on capital, to 215% at year-end 2025, based on prior SCOR disclosures.
The Q1 print extends a turnaround that began in 2025, when SCOR worked through the consequences of a comprehensive L&H assumption review launched at the start of 2024.
The review, which covered US mortality, lapses and management actions, alongside Canada, South Korea and Israel, drove a €700 million insurance service result hit and a €900 million CSM reduction over the full year, collapsing group ROE from 18.1% in 2023 to near zero in 2024, the group disclosed at the time.
SCOR responded with a three-step L&H remediation plan and a leadership reshuffle that saw Léger absorb the L&H CEO role following the mid-2024 departure of Frieder Knüpling, with revised Forward 2026 targets unveiled at a December 2024 Investor Day.
P&C insurance revenue rose 5.4% at constant exchange rates to €1.81 billion. The combined ratio improved to 80.2% from 85.0%, with a natural catastrophe ratio of 4.2%. The attritional figure incorporates a precautionary mid-double-digit IBNR provision tied to Middle East conflict uncertainties.
April renewals played out in a more competitive market. Estimated gross premium income in traditional reinsurance fell 8.7%, or €66 million, reflecting a deliberate pullback in US Casualty volumes alongside an average price decrease of around 3.5%.
In L&H, insurance revenue eased 0.4% at constant exchange rates to €2 billion, while new business CSM jumped 51.4% to €115 million, drawn mainly from protection and longevity lines.
Total invested assets stood at €23.5 billion, with the reinvestment rate climbing to 4.3% from 4.0% at year-end 2025 — a tailwind Léger said leaves him confident in delivering on the group's 2026 objectives.
