Scor SE
SIX:SCR
Scor SE
Amid the labyrinth of the global reinsurance industry, Scor SE stands resolute, carving a niche with its astute risk assessment and management capabilities. Headquartered in Paris, this formidable player in the reinsurance arena operates through two primary segments: life reinsurance and property and casualty reinsurance. Scor SE’s prowess lies in its ability to forecast and evaluate risks faced by insurance companies globally, leveraging world-class actuarial expertise and cutting-edge analytical tools. By assuming a portion of risks underwritten by its clients—primary insurers—Scor SE enables these companies to preserve capital, manage volatility, and comply with regulatory demands. This symbiotic relationship allows Scor SE to charge premiums for taking on these risks, which forms the bedrock of its revenue stream.
In addition to the premiums collected, Scor SE amplifies its financial muscle through sound investment strategies, harnessing the returns from its vast financial reserves. The company's focus on diversification ensures that it remains resilient amid ever-present market fluxes and natural catastrophes. This investment income becomes particularly crucial in balancing the underwriting losses that can occur in an unpredictable global climate. With a consistent emphasis on innovation, Scor SE utilizes sophisticated risk modeling and data analytics, positioning itself as a dynamic leader committed to delivering value through prudent risk management and wealth creation strategies for stakeholders worldwide.
Amid the labyrinth of the global reinsurance industry, Scor SE stands resolute, carving a niche with its astute risk assessment and management capabilities. Headquartered in Paris, this formidable player in the reinsurance arena operates through two primary segments: life reinsurance and property and casualty reinsurance. Scor SE’s prowess lies in its ability to forecast and evaluate risks faced by insurance companies globally, leveraging world-class actuarial expertise and cutting-edge analytical tools. By assuming a portion of risks underwritten by its clients—primary insurers—Scor SE enables these companies to preserve capital, manage volatility, and comply with regulatory demands. This symbiotic relationship allows Scor SE to charge premiums for taking on these risks, which forms the bedrock of its revenue stream.
In addition to the premiums collected, Scor SE amplifies its financial muscle through sound investment strategies, harnessing the returns from its vast financial reserves. The company's focus on diversification ensures that it remains resilient amid ever-present market fluxes and natural catastrophes. This investment income becomes particularly crucial in balancing the underwriting losses that can occur in an unpredictable global climate. With a consistent emphasis on innovation, Scor SE utilizes sophisticated risk modeling and data analytics, positioning itself as a dynamic leader committed to delivering value through prudent risk management and wealth creation strategies for stakeholders worldwide.
Strong Profitability: SCOR delivered another strong quarter, with Q3 net income of EUR 211 million and return on equity of 21.5%, driven by excellent P&C results and stable investment income.
P&C Outperformance: The P&C combined ratio was 80.9%, benefiting from low natural catastrophe claims and disciplined underwriting, well ahead of the forward 2026 assumption of below 87%.
Life & Health On Track: Life & Health delivered insurance service result of EUR 98 million in Q3, with performance in line with full-year guidance and buffers included to account for volatility.
Capital & Buffers: The group solvency ratio remains strong at 210%, with continued buffer building in P&C reserves, though management expects this pace to moderate as the market softens.
Revenue Growth Outlook: SCOR emphasized that revenue growth targets are now secondary to underwriting discipline; capital will only be allocated where risk-adjusted returns are adequate.
Investment & EV: Investment performance remained solid, with a 3.5% regular income yield and economic value growth of 12.7% at constant economics, likely exceeding the 9% full-year guidance.
Tax Rate Improvement: Effective tax rate improved to around 27% due to restructuring and more profit repatriated to France; further improvements expected but dependent on future French budgets.
