Global reinsurer SCOR generated net income of €208 million and $851 million for the fourth quarter and full year 2025, respectively, as the firm’s property and casualty (P&C) business produced a robust underlying performance with a stronger combined ratio for both periods.
For the 2025 financial year, SCOR saw a 4.6% year-on-year decline in insurance revenue to €15.4 billion, and a 5.6% decline for the fourth quarter to €3.8 billion.
Group-wide, gross written premiums (GWP) fell by 6.8% in FY’25 to €18.7 billion, and fell by 9.6% in Q4’25 to €4.6 billion. P&C premiums fell to €2.2 billion in Q4’25 from €2.5 billion in Q4’24, and fell by 5.7% in FY’25 to €9.3 billion. L&H premiums also decreased, to €2.3 billion in Q4’25 from €2.5 billion in Q4’24, and from €10.2 billion in FY’24 to €9.4 billion in FY’25.
The insurance service result, which reflects underwriting profitability, increased to more than €1.4 billion for the full year, and increased by 4% to €371 million in Q4’25.
SCOR produced an annualised ROE of 19.2% for FY’25 with solid net income of €851 million, and an ROE of 20.4% with an 11% decrease in net income to €208 million for the fourth quarter.
Within the P&C reinsurance division, revenue decreased by 4.4% to €7.3 billion in FY’25 and decreased by 7% to €1.8 billion in Q4’25, as SCOR highlights the impact of SBS’s past portfolio actions, as well as increased competition in property.
The P&C insurance service result increased to €256 million in Q4’25 from €238 million in Q4’24, and for the full year 2025 increased to €957 million compared with €779 million in 2024.
The P&C combined ratio strengthened by 2.2 percentage points to 80.9% in Q4’25 and strengthened by 4 percentage points to 82.3% for the full year 2025. The quarter’s combined ratio includes a natural catastrophe ratio of 7.6%, reflecting a quarter of moderate natural catastrophe activity, says SCOR. Over the full year 2025, the natural catastrophe ratio of 6.8% is below budget despite the impacts of both the California wildfires and hurricane Melissa.
SCOR also notes that the completion of its annual P&C year-end reserve review confirms that all lines are at best estimate and the carrier’s reserve resilience has increased.
The P&C new business CSM in Q4’25 hit €11 million, mainly driven by the low number of renewals and early recognition of some retrocession contracts renewed at the January 1st, 2026, renewals. For the year, the new business CSM increased to €1.1 billion from €1 billion in 2024.
At the 1.1 2026 renewals, SCOR says that it was able to achieve broadly stable terms and conditions including attachment points, while the firm targeted selective growth.
In life and health (L&H) reinsurance, revenue dipped by 3.3% to €2 billion in Q4’25 and came down by 4.8% to €8.1 billion in FY’25, while the L&H new business CSM rose by 51.2% to €170 million for the quarter, but fell by 4.3% to €464 million for the full year. The L&H insurance service result decreased by 3.1% to €115 million for Q4’25, and improved to €450 million for the full year 2025, compared with a loss of €348 million in 2024.
On the asset side of the balance sheet, total invested assets reduced to €23.5 billion in Q4’25 from €24.2 billion in Q4’24, with a return on invested assets of 3.6%, an improvement on the prior year’s 3.3%.
Thierry Léger, Chief Executive Officer of SCOR, said: “Driven by the disciplined execution of our Forward 2026 strategic plan and the exceptional commitment of our teams, SCOR demonstrated the robustness of its leading franchise and diversified business model.
“We delivered, quarter after quarter, very solid results across all our activities. P&C maintained excellent underlying performance and continued to build prudence at a pace faster than planned. L&H benefited from the decisive actions taken in 2024 and a rigorous focus on execution throughout the year reporting an insurance result above guidance and a satisfactory experience variance. Supported by strong operating capital generation, our solvency ratio stands at 215%, at the upper end of the optimal range. Our proposed dividend of EUR 1.9 per share, up 5.6% from last year, offers an attractive dividend yield and demonstrates our ability to create sustainable value for our shareholders.
“At the 1.1 renewals, in a more competitive environment, SCOR achieved a positive outcome, combining growth with an adequate level of profitability.
“SCOR starts the year in a position of strength, and I am confident in our ability to achieve attractive returns for
our shareholders and to deliver on our Forward 2026 objectives.”
