Global reinsurer SCOR reported net income of €225 million for Q1 2026, with contributions from all business lines, prompting CEO Thierry Léger to reaffirm confidence in the group’s ability to meet its 2026 targets.
In Q1 2026, SCOR’s P&C insurance revenue reached €1.812 billion, up 5.4% at constant exchange rates compared with the same period in 2025.
The reinsurer said this growth was primarily driven by its Reinsurance segment, supported by “strong” renewals.
P&C new business CSM totalled €722 million in Q1 2026, an increase of 1.8% at current exchange rates, underpinned by reinsurance volume growth and positive retrocession impacts.
The P&C combined ratio stood at 80.2%, including a natural catastrophe ratio of 4.2%, reflecting a relatively benign quarter for nat cat activity.
Commenting on the April renewals, SCOR noted that, despite a more competitive environment, it maintained margins through disciplined underwriting, resulting in a net underwriting ratio increase of less than 1 point.
“As a reminder, premiums renewed in April represent around 10% of total P&C premiums (12% of total P&C reinsurance treaty premiums). For the remaining 2026 renewals, SCOR is preparing for an ongoing competitive market and will continue with the disciplined implementation of its diversified Forward 2026 underwriting strategy,” the firm added.
In L&H, insurance revenue was €2.004 billion in Q1 2026, down 0.4% at constant exchange rates compared with Q1 2025.
SCOR said it continues to build its L&H CSM through new business generation (€115 million new business CSM7 generation in Q1 2026), particularly in Protection and Longevity.
As of 31 March 2026, total invested assets stood at €23.5 billion. The company highlighted an optimised asset mix, with 79% of the portfolio allocated to fixed income, alongside a high-quality fixed income book with an average rating of A+ and a duration of 4.1 years.
Thierry Léger, Chief Executive Officer of SCOR, commented, “We delivered a solid first-quarter performance, with all business activities contributing to a RoE of 21.7%.
“P&C continues to perform at an excellent level, with a combined ratio of 80.2%, allowing for additional buffer building and a precautionary IBNR6 provision related to the Middle East conflict.
“L&H performed in line with expectations. Investments continue to benefit from elevated returns on invested assets. We continue to strengthen the resilience of our balance sheet by adding EUR 300 million of buffers to the P&C Best Estimate Liabilities.
“The Group solvency ratio increases by 5 points to 220%, driven by strong net operating capital generation. I am confident in SCOR’s ability to deliver on its 2026 objectives.”
