According to the company, in Q3 P&C combined ratio amounted to 80.9% with a low natural catastrophe experience and continued buffer building. L&H insurance service result reached EUR 98 million, with year-to-date experience variance in line with expectations.
In Q3 2025, P&C insurance revenue stands at EUR 1,813 million, up +3.1% at constant exchange rates (down -1.6% at current exchange rates) compared to Q3 2024. Both Reinsurance and SBS experience growth in the quarter, notably from Alternative Solutions and Specialty Lines. The P&C insurance service result of EUR 255 million is driven by a CSM amortization of EUR 267 million, a risk adjustment release of EUR 32 million, a negative experience variance of EUR -53 million, and an onerous contracts impact of EUR 9 million. The negative experience variance reflects man-made losses and additional buffer building, partly offset by favorable Nat Cat.
In Q3 2025, L&H insurance revenue amounts to EUR 1,900 million, down -5.2% at constant exchange rates (-9.6% at current exchange rates) compared to Q3 2024. SCOR continues to build its L&H CSM through new business generation (EUR 82 million new business CSM7 in Q3 2025), notably from Protection and Financial Solutions.
Investments regular income yield was 3.5%, with continued attractive reinvestment rates. IFRS 17 Group Economic Value was EUR 8.5 billion as at 30 September 2025, up +12.7% at constant economics (down -0.9% on a reported basis) compared with 31 December 2024, implying an Economic Value per share of EUR 48.
Estimated Group solvency ratio reached 210% as at 30 September 2025, in the upper part of the optimal solvency range of 185%-220%. Annualized Return on Equity was 22.1% (21.5% adjusted) in Q3 2025 implying an annualized Return on Equity of 19.9% (19.5% adjusted) for the first nine months of 2025.
“SCOR achieves a strong quarter delivering an annualized RoE of 22.1% in Q3 2025. The excellent combined ratio in P&C reflects our disciplined underwriting and successful strategy to grow into profitable and diversifying lines of business, combined with low natural catastrophe activity during the quarter. In line with our opportunistic buffer building strategy, SCOR has already been able to add an amount of prudence comparable to that built in FY 2024. L&H is on track to deliver on its updated Forward 2026 ISR target, underpinned by solid CSM amortization and a neutral experience variance. Investments continue to deliver stable and strong results. Looking ahead to the 1.1 renewals and beyond, SCOR will continue to leverage its Tier 1 franchise and to execute on its Forward 2026 plan in a disciplined way”, commented Thierry Léger, Chief Executive Officer of SCOR.
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