Global reinsurer SCOR reported first-quarter 2026 net profit of €225 million, with contributions from all business units, prompting CEO Thierry Léger to reiterate confidence in the group’s ability to meet 2026 targets.
In the first quarter of 2026, SCOR’s property and casualty insurance revenue reached 1.812 billion euros, an increase of 5.4% at constant exchange rates compared with the same period in 2025.
The reinsurer said the growth was primarily driven by its reinsurance division and supported by “strong” renewals.
In the first quarter of 2026, property and casualty new business CSM totaled €722 million, an increase of 1.8% at current exchange rates, driven by higher reinsurance volumes and a positive retrocession impact.
The property and casualty insurance combined ratio was 80.2%, of which the natural disaster cost ratio was 4.2%, reflecting the relatively good quarterly performance of natural disaster activity.
Commenting on the April renewal, SCOR noted that despite a more competitive environment, it maintained margins through disciplined underwriting, resulting in a net underwriting rate increase of less than 1 percentage point.
“As a reminder, premiums renewed in April represented approximately 10% of total P&C premiums (12% of total P&C reinsurance treaty premiums). For remaining renewals in 2026, SCOR is preparing for a continued competitive market and will continue to rigorously implement its diversified 2026 forward underwriting strategy,” the company added.
In the L&H segment, insurance revenue in the first quarter of 2026 was €2,004 million, down 0.4% at constant exchange rates compared with the first quarter of 2025.
SCOR said it will continue to build L&H CSM through new business generation (new business CSM7 generation worth €115 million in Q1 2026), particularly in the areas of protection and longevity.
As of March 31, 2026, total investment assets were €23.5 billion. The company highlighted an optimized asset mix, with 79% of the portfolio allocated to fixed income, and a high-quality fixed income book with an average rating of A+ and a duration of 4.1 years.
Thierry Léger, CEO of SCOR, commented: “We had a strong first quarter with a RoE contribution of 21.7% across all business activities.
“P&C continues to deliver strong performance with a combined ratio of 80.2%, allowing for additional buffer building and precautionary IBNR6 provisions related to conflicts in the Middle East.
“L&H performed in line with expectations. Investments continue to benefit from improved return on invested assets. We continue to strengthen the resilience of our balance sheet by adding a €300 million buffer to P&C’s best estimate liabilities.
“The group’s solvency ratio improved by 5 percentage points to 220%, driven by strong net working capital generation. I am confident in SCOR’s ability to achieve its 2026 targets.”
