Global reinsurer SCOR reported second quarter 2026 group net profit of €171 million, supported by strong contributions from all business lines, while its property and casualty combined ratio improved to 79.5% on the back of benign natural catastrophe losses, better natural catastrophe losses, better natural loss claims experience and additional reserve strengthening.
In the second quarter of 2026, the French company’s property insurance revenue was 1.796 million euros, an increase of 0.1% at constant exchange rates compared with the second quarter of 2025 (down 2.0% at current exchange rates).
Insurance revenue reflected “positive” renewal results, partially offset by EGPI revisions to existing business and foreign currency headwinds, according to SCOR.
In the second quarter of 2026, new business CSM in this area was 255 million euros, an increase of 13.5% compared to the second quarter of 2025 at current exchange rates. SCOR attributed the growth primarily to business volumes, lower retrocession costs and increased contributions from SBS and Cedant Facultative.
As mentioned above, the company’s property insurance combined ratio was 79.5% in the second quarter of 2026, compared with 82.5% in the second quarter of 2025.
SCOR explained that the results included a Nat Cat ratio of 2.9%, reflecting a good quarter with lower disaster activity, and brought the H1 Nat Cat ratio to 3.5%.
The ratio also includes an attrition and commission rate of 76.8%, showing strong underlying performance and providing additional buffer building; a discount effect of -8.5%; and an equity expense ratio of 8.2%.
As for SCOR’s L&H business, insurance revenue was €1.828 billion, down 5.7% at constant exchange rates compared to the second quarter of 2025 (-8.0% at current exchange rates).
In the second quarter of 2026, SCOR’s L&H insurance services generated €49 million. This includes CSM amortization of €88 million, risk adjustment releases of €28 million and experience differences of €60 million, including a one-off impact of €64 million resulting from the arbitration outcome. It also reflects an adverse contractual impact of -€10 million.
Combining the contributions from the property and casualty insurance and life insurance sectors, SCOR reported total group insurance revenue of 3.624 billion euros in the second quarter of 2026 and 7.439 billion euros in the first half of 2026.
The reinsurer’s net profit reached €171 million in the second quarter of 2026 and €397 million in the first half of 2026.
SCOR CEO Thierry Léger commented on the figures: “SCOR delivered another strong set of results this quarter, demonstrating the consistency and resilience of its earnings.
“This performance reflects the outstanding engagement of our team, our strong client relationships and diverse business model, as well as the results of our disciplined execution of strategy across all three business areas.
“In Property & Casualty, we continue to combine diversified growth with strong underwriting discipline in an increasingly competitive market. In Insurance & Health, our quarterly results were in line with expectations, while our portfolio continues to generate attractive recurring revenue.
“At quarter end, the group’s solvency margin was 220%, with capital generation in line with our fiscal 2026 guidance. Overall, these results underline the robustness of our operating model and our ability to guide performance through changing market conditions. We have entered the second half of 2026 from a strong position and are firmly focused on delivering on our 2026 outlook.”
SCOR, on the other hand, said it continues to diversify its product lines during the June-July 2026 renewal period while maintaining underwriting discipline in a competitive environment.
The renewal business of traditional reinsurance increased by 1.3% during the EGPI7 period. Growth was mainly driven by Specialty Lines, which grew 19.8%, supported by Credit & Surety.
Among property lines, U.S. property (non-catastrophe) and U.S. casualty both declined, while property and casualty remained stable. Alternative solutions saw significant growth of 133%.
The increase in renewal premiums from June to July accounts for about 13% of annual property and casualty reinsurance premiums due for renewal and about 10% of total property and casualty insurance premiums.
SCOR has achieved EGPI7 growth of 3.2% in traditional reinsurance since the start of the year, with its net underwriting ratio increasing by just two percentage points. The reinsurer attributed the performance to its strategy of pursuing profitable and diversified growth in a highly competitive market.
Going forward, SCOR expects the competitive environment to continue. The company said it will continue to focus on acquiring attractive business opportunities and maintain strict underwriting discipline, and is willing to redeploy capital or reduce capacity when necessary to achieve profitability targets.
