SCOR’s net income hits EUR 226m in Q2’25 with improved 82.5% CoR

French reinsurer SCOR has announced its financial results for the second quarter of 2025, reporting a rise in net income to EUR 226 million, reversing the loss of EUR 308 million recorded in the second quarter of 2024.

This improvement was driven by strong performance across all business activities, including an improved Property & Casualty (P&C) combined ratio of 82.5%, largely due to a favourable natural catastrophe experience.

Group-wide, SCOR reported Q2 2025 insurance revenue of EUR 3.8 billion, a 6.5% decrease from the EUR 4.1 billion seen in Q2 2024.

Gross written premiums experienced a decrease in the quarter, to EUR 4.7 billion from EUR 5.1 billion in Q2 2024, while the insurance service result increased to EUR 358 million from a EUR 127 million loss in the prior year quarter.

As mentioned, within 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, SCOR highlighted. The Q2 2024 combined ratio was 86.9%.

While the first half of 2025 included the impact of LA wildfires in Q1, the natural catastrophe ratio for the six-month period remained below budget at 8.2%. The reinsurer notes that the excellent nat cat and attritional loss performance in the second quarter allow for additional buffer building.

In Q2 2025, P&C insurance revenue was down 6.6%, at constant exchange rate, to EUR 1.8 billion, compared to Q2 2024’s EUR 2 billion, impacted by a large contract commutation effect of -6.4 points.

Without this effect, P&C insurance revenue would have declined by just -0.2% at constant exchange rates.

Growth in the reinsurance segment was strong in preferred lines, but was largely offset by reduced business in Agriculture and US Casualty reinsurance and in SCOR Business Solutions.

New business CSM in this year’s Q2 was EUR 225 million, a decrease of 6.4% compared to Q2 2024, mainly driven by an unfavourable foreign exchange effect.

However, new business CSM for the first half of the year 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.

During the June-July 2025 renewals, SCOR notes that it continued to grow in its preferred and diversifying lines, “maintaining its underwriting discipline in a competitive context.”

SCOR revealed that EGPI for renewal in June-July remained flat, with continued growth in the diversifying lines (+11.8%) driven by International Casualty and Marine, while Alternative Solutions declined by 3.8%, impacted by a large contract that was not renewed. The firm’s exposure to US Casualty is further reduced after the mid-year renewals.

It is worth highlighting that approximately 14% of SCOR’s annual P&C reinsurance premiums are due for renewal in June and July.

Thierry Léger, Chief Executive Officer of SCOR, commented: “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.”

Turning to SCOR’s L&H business, the insurance service result stood at EUR 118 million in Q2 2025, driven by a strong CSM amortisation including some positive one-offs, a risk adjustment release and a H1 experience variance in line with expectations.

The reinsurer also reported L&H insurance revenue of EUR 2 billion in Q2 2025, down 0.1% at constant exchange rates when compared to Q2 2024.

SCOR’s L&H CSM continues to grow, driven by EUR 136 million in new business CSM during Q2 2025. This growth is largely attributed to the Protection business, which also saw positive true-ups from Q1 2025.

As of 30 June 2025, total invested assets amount to EUR 23.2 billion, 2.2% higher compared to the same period last year. The reinsurer explained that it benefits from still-elevated reinvestment rates in Q2 2025 and records a high regular income yield of 3.5%.

Léger said: “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.”

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