Global reinsurer SCOR recorded net income of €206 million in the third quarter of 2026, driven by a strong performance across the Group, including a 3.5% rise in P&C insurance revenue to €1.9 billion and a combined ratio of 84.1%, despite an active quarter for natural catastrophe losses and with continued buffer building by the firm.
Group-wide, SCOR delivered insurance revenue of €3.8 billion in Q3’26, an increase of 1.2% year-on-year, as the insurance service result decreased almost 5% year-on-year to €336 million.
Management expenses came down by around €3 million to €304 million. The annualised ROE decreased by 1.8 percentage points to 20.4% for Q3’26, as net income decreased by 4.8% to the aforementioned €206 million.
The P&C business recorded a rise in insurance revenue, but the P&C insurance service result decreased by 15% to €216 million, and the P&C new business CSM fell by more than 16% to €142 million.
The P&C combined ratio deteriorated by 3.2 percentage points but remains healthy at 84.1%. The combined ratio includes a nat cat ratio of 9.1%, reflecting an active quarter for natural catastrophe activity, including the Colombia earthquake and an accumulation of smaller events. It also includes an attritional loss and commission ratio of 75.7%, a discount effect of -8.1%, and an attributable expense ratio of 8%.
In Life and Health (L&H), revenue decreased 1% in Q3’26 to €1.9 billion, while the segment’s insurance service result increased 21.3% to €119 million, and the L&H new business CSM increased 13% to €93 million.
The strong insurance service result includes a CSM amortization of €95 million, a risk adjustment release of €31 million, a positive experience variance of €12 million, and a negative onerous contracts impact of -€19 million.
For the first nine months of 2026, P&C revenue fell slightly to €5.5 billion, while the P&C insurance service result strengthened by more than 5% to €740 million. The P&C combined ratio improved by 1.5 percentage points in the nine month period to 81.3%, while the P&C new business CSM increased 1.4% to €1.1 billion.
L&H insurance revenue for the nine month period fell by more than 6% to €5.7 billion, and the L&H insurance service result decreased more than 17% to €276 million, while the L&H new business CSM rose 5% year-on-year to €309 million.
Group-wide, insurance revenue fell 3.4% to €11.2 billion for 9M’26, as the insurance service result decreased by almost 2% to €1 billion. The annualised ROE decreased to 18.9% from 19.9%, with net income of €603 million for the period, down on 9M’25’s €642 million.
On the asset side of the balance sheet, total investment income on invested assets stands at €211 million in Q3’26, with a return on invested assets of 3.7%, compared with 3.3% in Q3’25. The reinvestment rate stands at 5% as at September 30 2026, compared to 4.3% as at June 30 2026.
Thierry Léger, Chief Executive Officer of SCOR, said: “SCOR achieved another strong performance this quarter, across all three businesses. P&C delivers both revenue growth and profitability, with a combined ratio well below the 87% target despite an active natural catastrophe quarter. L&H delivers a robust insurance service result combined with experience variance within the expected range. Our investment portfolio continues to deliver attractive returns. With a solvency ratio of 221%, SCOR is entering the final stretch of Forward 2026 with a strengthened balance sheet as it prepares to unveil its new strategic plan on 3 December.”
