Global reinsurer SCOR reported group net income of €171 million for the second quarter of 2026, supported by strong contributions across all business lines, while its P&C combined ratio improved to 79.5% on the back of benign natural catastrophe losses, better attritional claims experience and additional reserve strengthening.
In Q2 2026, the French firm’s P&C insurance revenue was €1.796 million, up 0.1% at constant exchange rates (down 2.0% at current exchange rates) compared with Q2 2025.
According to SCOR, insurance revenue reflected the “positive” renewals outcome, partly offset by EGPI revisions on existing business and foreign exchange headwinds.
New business CSM in the segment stood at €255 million in Q2 2026, up 13.5% at current exchange rates compared with Q2 2025. SCOR attributed the increase mainly to business volumes, lower retrocession costs, and higher contributions from SBS and Cedant Facultative.
As noted, the firm’s P&C combined ratio was 79.5% in Q2 2026, compared with 82.5% in Q2 2025.
SCOR explained that the result included a Nat Cat ratio of 2.9%, reflecting a benign quarter with low catastrophe activity and bringing the H1 Nat Cat ratio to 3.5%.
The ratio also included an attritional loss and commission ratio of 76.8%, demonstrating strong underlying performance and providing additional buffer building; a discount effect of -8.5%; and an attributable expense ratio of 8.2%.
Turning to SCOR’s L&H segment, insurance revenue amounted to €1.828 billion, down 5.7% at constant exchange rates (-8.0% at current exchange rates) compared with Q2 2025.
SCOR’s L&H insurance service result amounted to €49 million in Q2 2026. The result included CSM amortization of €88 million, a Risk Adjustment release of €28 million, and an experience variance of €-60 million, which included a one-off impact of €-64 million from an arbitration outcome. It also reflected a negative onerous contracts impact of €-10 million.
Combining contributions from its P&C and L&H segments, SCOR reported total group insurance revenue of €3.624 billion for Q2 2026 and €7.439 billion for H1 2026.
The reinsurer’s net income reached €171 million in Q2 2026 and €397 million for the first half of 2026.
Thierry Léger, Chief Executive Officer of SCOR, commented on the figures, “SCOR achieved another strong set of results this quarter, demonstrating the consistency and resilience of its earnings.
“This performance reflects the remarkable engagement of our teams, the strength of our client relationships and diversified business model and the disciplined execution of our strategy across all three businesses.
“In P&C, we continued to combine diversified growth with strict underwriting discipline in an increasingly competitive market. In L&H, we delivered another quarter in line with expectations while our investment portfolio continued to generate attractive and recurring income.
“The Group solvency ratio stood at 220% at quarter-end, with capital generation in line with our FY 2026 guidance. Overall, these results underscore the robustness of our operating model and our ability to steer performance through changing market conditions. We have entered the second half of 2026 from a position of strength, firmly focused on delivering Forward 2026.”
Elsewhere, SCOR said it continued to grow in diversifying lines during the June-July 2026 renewals, while maintaining underwriting discipline in a competitive environment.
EGPI7 on business up for renewal during the period increased by 1.3% for traditional reinsurance. Growth was driven by Specialty Lines, which rose 19.8%, supported by Credit & Surety.
Within P&C Lines, US Property (Non-Cat) and US Casualty declined, while Property Cat remained stable. Alternative Solutions recorded significant growth of 133%.
Premiums up for renewal in June-July represented around 13% of annual P&C reinsurance premiums due for renewal, and around 10% of total P&C premiums.
Since the start of the year, SCOR has achieved EGPI7 growth of 3.2% across traditional reinsurance, with a limited two-percentage-point increase in its net underwriting ratio. The reinsurer attributed this performance to its strategy of pursuing profitable and diversified growth while navigating a competitive market.
Looking ahead, SCOR expects the competitive environment to continue. The firm said it would remain focused on accessing attractive business opportunities and maintaining strict underwriting discipline, with a willingness to redeploy capital or reduce capacity if necessary to meet profitability targets.
