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Scor's income drops despite strong P&C performance. Scor's net income dropped 24.1% in the second quarter to €171m bringing its half year figure to €397m, down 6.8% after a positive Q1. The numbers were helped by a better P&C insurance service result and a low P&C comb... Want to read this article? ULTIMATE ACCESS PROVIDES YOU WITH * Unrestricted access to Commercial Risk, Commercial Risk Europe and Global Risk Manager news, exclusive expert analysis and opinion * Breaking news, daily and/or weekly Commercial Risk Europe newsletters and regular digital publications * Breaking news, weekly and monthly Global Risk Manager newsletters and quarterly digital Journal * European and global surveys, rankings and special reports * National European local language newsletters * Preferential access to webinars and virtual and physical conferences If you are already a registered user or subscriber you can LOGIN below for ultimate access:

SCOR reports €171m Q2'26 net income as P&C CoR improves to 79.5%. Global reinsurer SCOR reported second quarter 2026 group net profit of €171 million, supported by strong contributions from all business lines, while its property and casualty combined ratio improved to 79.5% on the back of benign natural catastrophe losses, better natural catastrophe losses, better natural loss claims experience and additional reserve strengthening. In the second quarter of 2026, the French company's property insurance revenue was 1.796 million euros, an increase of 0.1% at constant exchange rates compared with the second quarter of 2025 (down 2.0% at current exchange rates). Insurance revenue reflected "positive" renewal results, partially offset by EGPI revisions to existing business and foreign currency headwinds, according to SCOR. In the second quarter of 2026, new business CSM in this area was 255 million euros, an increase of 13.5% compared to the second quarter of 2025 at current exchange rates. SCOR attributed the growth primarily to business volumes, lower retrocession costs and increased contributions from SBS and Cedant Facultative. As mentioned above, the company's property insurance combined ratio was 79.5% in the second quarter of 2026, compared with 82.5% in the second quarter of 2025. SCOR explained that the results included a Nat Cat ratio of 2.9%, reflecting a good quarter with lower disaster activity, and brought the H1 Nat Cat ratio to 3.5%. The ratio also includes an attrition and commission rate of 76.8%, showing strong underlying performance and providing additional buffer building; a discount effect of -8.5%; and an equity expense ratio of 8.2%. As for SCOR's L&H business, insurance revenue was €1.828 billion, down 5.7% at constant exchange rates compared to the second quarter of 2025 (-8.0% at current exchange rates). In the second quarter of 2026, SCOR's L&H insurance services generated €49 million. This includes CSM amortization of €88 million, risk adjustment releases of €28 million and experience differences of €60 million, including a one-off impact of €64 million resulting from the arbitration outcome. It also reflects an adverse contractual impact of -€10 million. Combining the contributions from the property and casualty insurance and life insurance sectors, SCOR reported total group insurance revenue of 3.624 billion euros in the second quarter of 2026 and 7.439 billion euros in the first half of 2026. The reinsurer's net profit reached €171 million in the second quarter of 2026 and €397 million in the first half of 2026. SCOR CEO Thierry Léger commented on the figures: "SCOR delivered another strong set of results this quarter, demonstrating the consistency and resilience of its earnings. "This performance reflects the outstanding engagement of its team, its strong client relationships and diverse business model, as well as the results of its disciplined execution of strategy across all three business areas. "In Property & Casualty, Advertisement Shout continue to combine diversified growth with strong underwriting discipline in an increasingly competitive market. In Insurance & Health, its quarterly results were in line with expectations, while its portfolio continues to generate attractive recurring revenue. "At quarter end, the group's solvency margin was 220%, with capital generation in line with our fiscal 2026 guidance. Overall, these results underline the robustness of our operating model and our ability to guide performance through changing market conditions. We have entered the second half of 2026 from a strong position and are firmly focused on delivering on our 2026 outlook." SCOR, on the other hand, said it continues to diversify its product lines during the June-July 2026 renewal period while maintaining underwriting discipline in a competitive environment. The renewal business of traditional reinsurance increased by 1.3% during the EGPI7 period. Growth was mainly driven by Specialty Lines, which grew 19.8%, supported by Credit & Surety. Among property lines, U.S. property (non-catastrophe) and U.S. casualty both declined, while property and casualty remained stable. Alternative solutions saw significant growth of 133%. The increase in renewal premiums from June to July accounts for about 13% of annual property and casualty reinsurance premiums due for renewal and about 10% of total property and casualty insurance premiums. SCOR has achieved EGPI7 growth of 3.2% in traditional reinsurance since the start of the year, with its net underwriting ratio increasing by just two percentage points. The reinsurer attributed the performance to its strategy of pursuing profitable and diversified growth in a highly competitive market. Going forward, SCOR expects the competitive environment to continue. The company said it will continue to focus on acquiring attractive business opportunities and maintain strict underwriting discipline, and is willing to redeploy capital or reduce capacity when necessary to achieve profitability targets. Spread the love

SCOR pulls-back on non-cat US property, flat on property cat, at "competitive" renewals. * 30th July 2026 - Author: Steve Evans Global reinsurer SCOR said this morning it applied underwriting discipline at the "competitive" mid-year reinsurance renewals this year, growing in diversifying areas of the market, most notably in its alternative solutions business, while decreasing premiums written in non-cat US property lines, but remaining flat in US property catastrophe business. Announcing its second-quarter 2026 results this morning, SCOR has reported EUR 171 million of net income for the period, down 24% on the prior year, but insurance revenues of EUR 3.624 billion were only 5% down in the quarter and for the half-year an 18.5% return-on-equity is only 0.2 points below H1 of 2025. Property and casualty insurance revenues came in only 2% down for the quarter and 2.3% down for the half-year, at EUR 1.796 billion and EUR 3.608 billion respectively. At renewals so far in 2026, premium volumes grew by 3.2% to EUR 6.455 billion, across specialty and P&C lines, but in its Alternative Solutions division SCOR grew 71.7% in the year-to-date and at the mid-year renewals expanded significantly by 133%. A relatively benign quarter of natural catastrophe loss experience bolstered SCOR's Q2 2026 result, while the overall P&C combined ratio was just 79.5%, lower than Q2 2025's 82.5%. For the first-half of the year the P&C combined ratio was 79.9%, again lower than the prior year's 83.7%. Thierry Léger, Chief Executive Officer of SCOR, commented, "SCOR achieved another strong set of results this quarter, demonstrating the consistency and resilience of its earnings. This performance reflects the remarkable engagement of our teams, the strength of our client relationships and diversified business model and the disciplined execution of our strategy across all three businesses. In P&C, we continued to combine diversified growth with strict underwriting discipline in an increasingly competitive market. In L&H, we delivered another quarter in line with expectations while our investment portfolio continued to generate attractive and recurring income. The Group solvency ratio stood at 220% at quarter-end, with capital generation in line with our FY 2026 guidance. Overall, these results underscore the robustness of our operating model and our ability to steer performance through changing market conditions. We have entered the second half of 2026 from a position of strength, firmly focused on delivering Forward 2026." Commenting on market conditions, SCOR explained that the mid-year reinsurance renewals were competitive. "During the June-July 2026 renewals, SCOR continues to grow in its diversifying lines, applying underwriting discipline in a competitive environment," the company explained. Estimated gross premium income was up 1.3% for traditional insurance and up 19.8% in specialty lines. But, demonstrating cycle management, SCOR said that P&C renewal business decreased 4.8%, with particular reductions in in non-cat US property business and also US casualty business, while the company remained flat in property catastrophe business at the renewals. Reflecting the softer market and strong price competition, the gross price change across SCOR's renewed business came in at -4.4%, declining -9.5% on non-proportional business and only -0.6% on proportional business renewed. SCOR's nat cat 100-year PMLs have risen through 2026 so far though, with US wind and quake higher, as well as European windstorm, but a decline in Japanese quake exposure, the company has reported. SCOR also cited lower retrocession costs as helping the contract service margin on new business underwritten, as the reinsurer also benefited on the other side of its underwriting book from the softer market environment, it seems. The company said its retrocession buying "partially offset inward business margin erosion." "SCOR is successfully weathering a competitive environment thanks to its strategy of growing in a profitable and diversified way," the reinsurer stated. For the coming months, SCOR expects the reinsurance market will remain competitive. Commenting, "Looking ahead, SCOR anticipates a continued competitive environment. In that context, SCOR maintains a sharp focus on accessing attractive business opportunities, and is committed to applying stringent underwriting discipline, prepared to redeploy capital or reduce capacity if necessary to meet its profitability targets." During an earnings call this morning, SCOR CEO Thierry Léger noted that there have been many smaller catastrophes which are not touching reinsurance deductibles, and with no major events companies in the market will continue to build capital. As a result, he said its expected there will be plenty of capital available for the January 2027 reinsurance renewals, at this stage of the year it appears "without any major event, oversupply will remain and we will remain in a very competitive environment." All of its Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance video content and video interviews can be accessed online. Its Artemis Live podcast can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.