SCOR has reported net profit of €225m ($264.7m) for the first quarter of 2026 (Q1 2026), up by 12.8% compared to €200m a year ago.
However, insurance revenue fell 6.1% year-on-year to €3.8bn.
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Return on equity (RoE) was 21.7% in Q1 2026, while group economic value rose by 7.4% at constant economics.
In property and casualty (P&C), insurance revenue came to €1.8bn in Q1 2026, up 5.4% at constant exchange rates but down 2.5% at current exchange rates from Q1 2025.
P&C new business contractual service margin (CSM) totalled €722m in the quarter, up 1.8% at current exchange rates, with reinsurance volume growth and retrocession effects cited as the main factors.
The P&C combined ratio was 80.2% in Q1 2026, versus 85% in the same period of 2025.
The P&C insurance service result was €255m, reflecting CSM amortisation of €243m and a risk adjustment release of €30m.
In life and health (L&H), insurance revenue totalled €2bn in Q1 2026, down 0.4% at constant exchange rates and 9.1% at current exchange rates compared with Q1 2025.
SCOR said it continued to add to its L&H CSM through new business generation, which amounted to €115m in Q1 2026, notably in protection and longevity.
The L&H insurance service result was €107m in the quarter.
As of 31 March 2026, the company’s total invested assets stood at €23.5bn, while total investment income on invested assets was €219m in Q1 2026.
SCOR CEO Thierry Léger commented: “We delivered a solid first-quarter performance, with all business activities contributing to a RoE of 21.7%. P&C continues to perform at an excellent level, with a combined ratio of 80.2%, allowing for additional buffer building and a precautionary IBNR6 provision related to the Middle East conflict.
“L&H performed in line with expectations. Investments continue to benefit from elevated returns on invested assets.
“We continue to strengthen the resilience of our balance sheet by adding €300m of buffers to the P&C Best Estimate Liabilities. The Group solvency ratio increases by five points to 220%, driven by strong net operating capital generation. I am confident in SCOR’s ability to deliver on its 2026 objectives.”
