Global reinsurer SCOR posted net profits of €208 million and $851 million in the fourth quarter and full year 2025, respectively, as the company’s property and casualty (P&C) business generated strong underlying results and stronger combined ratios in both periods.
In fiscal 2025, SCOR’s insurance revenue fell 4.6% year-on-year to 15.4 billion euros, and fell 5.6% to 3.8 billion euros in the fourth quarter.
Group-wide gross written premiums (GWP) fell 6.8% to €18.7 billion in FY25 and 9.6% to €4.6 billion in Q4’25. Property and casualty insurance premiums fell from €2.5 billion in 4Q24 to €2.2 billion in 4Q25, and fell 5.7% to €9.3 billion in FY25. L&H premiums also declined, from €2.5 billion in Q4’24 to €2.3 billion in Q4’25, and from €10.2 billion in FY24 to €9.4 billion in FY25.
Insurance services performance, which reflects underwriting profitability, increased to more than 1.4 billion euros for the full year and increased 4% to 371 million euros in 4Q25.
SCOR’s annualized return on equity in fiscal year 25 was 19.2%, and net profit was 851 million euros; in the fourth quarter, return on equity was 20.4%, and net profit fell 11% to 208 million euros.
In the Property & Casualty Reinsurance segment, revenue fell 4.4% to €7.3 billion in FY25 and 7% in 4Q25 to €1.8 billion as SCOR highlighted the impact of SBS’s past portfolio actions and increased property competition.
Property and casualty insurance services results increased from €238 million in 4Q24 to €256 million in 4Q25, and full-year results in 2025 increased from €779 million in 2024 to €957 million.
The combined ratio of property and casualty insurance increased by 2.2 percentage points to 80.9% in the fourth quarter of 2025, and increased by 4 percentage points to 82.3% for the whole of 2025. SCOR said the quarter’s combined ratio included a natural catastrophe ratio of 7.6%, reflecting a quarter of moderate natural catastrophe activity. Despite the impact of the California wildfires and Hurricane Melissa, the full-year natural disaster rate for 2025 is still below budget, at 6.8%.
SCOR also noted that the completion of its annual P&C year-end reserve review confirmed that all lines are in a best-estimate position and that the carrier’s reserve resiliency has strengthened.
P&C new business CSM reached €11 million in 4Q25, mainly due to lower renewals and the early recognition of some retrocession contracts renewed on January 1, 2026. New business CSM this year increased from 1 billion euros in 2024 to 1.1 billion euros.
SCOR said that under the 1.1 2026 renewal it is able to achieve broad and stable terms and conditions including attachment points, while the company targets selective growth.
In life and health (L&H) reinsurance, revenue fell 3.3% to €2.0 billion in 4Q25 and 4.8% to €8.1 billion in FY25, while L&H new business CSM grew 51.2% in the quarter to €170 million, but fell 4.3% to €464 million for the full year. L&H insurance services performance fell by 3.1% to 115 million euros in the fourth quarter of 2025 and increased to 450 million euros for the full year of 2025, compared with a loss of 348 million euros in 2024.
In terms of assets on the balance sheet, total invested assets decreased from €24.2 billion in 4Q24 to €23.5 billion in 4Q25, with a return on invested assets of 3.6%, up from 3.3% in the previous year.
SCOR CEO Thierry Léger said: “SCOR has demonstrated the robustness of its leading franchise and diversified business model, driven by the disciplined execution of our 2026 strategic plan and the excellence commitment of our teams.
“We delivered very solid results each quarter across all our activities. P&C maintained excellent underlying performance and continued to build prudence faster than planned. L&H benefited from decisive action taken in 2024 and a disciplined focus on execution throughout the year, reporting above-guidance underwriting results and a satisfactory experience differential. Our solvency margin was 215%, at the upper end of the optimal range, supported by strong working capital generation. Our proposed dividend is $1.90 per share EUR, up 5.6% year-on-year, provides an attractive dividend yield and demonstrates our ability to create sustainable value for shareholders.
“With the 1.1 update, SCOR achieved positive results, combining growth with adequate levels of profitability in a more competitive environment.
“SCOR begins the year in a strong position and I am confident in our ability to deliver attractive returns for our clients
our shareholders and achieve our forward 2026 goals. “
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