SCOR SE Reports Improved Q3 2025 Results Driven by Disciplined Underwriting
SCOR SE's property and casualty (P&C) reinsurance segment improved its combined ratio to 80.9% in Q3 2025 from 88.3% a year earlier, driven by limited natural catastrophe losses and stricter underwriting discipline.
The natural catastrophe loss ratio was notably low at 2.7% for the quarter, despite the impact of California wildfires in Q1, contributing to overall enhanced profitability. The attritional loss and commission ratio, including buffer building, stood at 79.2%, with an expense ratio of 8.2%, and a discount effect of -8.4%. The P&C insurance service result was €255 million, supported by contractual service margin (CSM) amortization and risk adjustment releases, although partially offset by negative experience variance and onerous contracts losses.
Total P&C insurance revenue was €1.81 billion in Q3, a slight decrease year-over-year, while new business CSM amounted to €170 million. Year-to-date the segment's combined ratio was 82.8%. Across SCOR, net income reached €217 million in Q3 and €642 million for the nine months ended September 2025. The annualized return on equity was strong at 22.1% for the quarter and 19.9% for the year to date, alongside an effective tax rate of 22.9%.
The life and health reinsurance segment recorded a positive insurance service result of €98 million in Q3, a turnaround from losses in the prior year, supported by CSM amortization, risk adjustment releases, and offset by minor negative variances and onerous contract impacts. Insurance revenue for life and health was €1.9 billion, with new business CSM at €82 million. Investment income remained stable with total invested assets at €23.4 billion, producing a 3.3% return on invested assets and a 3.5% income yield. The fixed income portfolio made up 79% of assets, with a credit quality average rating of A+.
SCOR's solvency ratio was maintained at a strong 210%, within its target range of 185% to 220%, reflecting ample capital adequacy. The group's economic value under IFRS 17 increased 12.7%, reaching €8.5 billion, equivalent to €48 per share. The CEO emphasized the continuation of disciplined underwriting and prudence buffer building as part of the 2024 strategy, with life and health results aligning with Forward 2026 objectives.
Overall, the group's total insurance revenue for Q3 was €3.71 billion, down 5.8% year over year, with gross written premiums of €4.57 billion and operating cash flow increased by 9.3% to €459 million. SCOR's financial results for Q3 2025 highlight the impact of conservative underwriting, risk management, and stable investment returns in navigating reinsurance market conditions.