Q1 2025 Scor SE Earnings Call Transcript
Key Points
- SCOR SE (SCRYY) reported a strong net income of EUR195 million for Q1 2025, with an 18.3% return on equity.
- The P&C segment achieved an excellent combined ratio of 85%, outperforming the forward 2026 assumption of below 87%, despite the impact of the Los Angeles fires.
- The company's solvency ratio increased to 212%, supported by positive net operating capital generation.
- Investments delivered a high return on invested assets of 3.8%, benefiting from elevated reinvestment rates.
- SCOR SE (SCRYY) successfully executed its April P&C renewals strategy, maintaining stable terms and conditions in a competitive market.
- The P&C insurance revenue decreased by 0.7% for the quarter, impacted by large contract communication.
- The life and health new business CSM of EUR76 million in Q1 was below the full-year guidance, reflecting a strategic shift.
- US casualty premiums continued to shrink, impacting overall insurance revenue growth.
- The economic value growth target of 9% per annum may face challenges due to market volatility and macroeconomic uncertainties.
- The company faces ongoing geopolitical uncertainties, which could impact future financial performance.
Good afternoon everyone and welcome to Scor Q1 2025 results conference call. My name is Thomas Fossard, Head of Investor Relations, and I'm joined today on the call by Thierry Leger, our Group CEO, and Francois de Varenne, Deputy CEO and Group CFO as well by other COMEX member. Can I please ask you to consider the disclaimer on page 2 of the presentation? And now I would like to hand over to Thierry. Thierry, over to you.
Thank you, Thomas. Hello, everyone, and thanks for joining the call. Let me start with a few key messages. I'm satisfied with the first quarter results. The performance of our three business activities has been strong, delivering EUR195 million of net income, an 18.3% ROE, and an economic value growth of 6.8%-plus at constant economics.
P&C performance was excellent in the first quarter on a reported and on a normalized basis. The combined ratio for Q1 2025 is at 85% ahead of our forward 2026 assumption of below 87%. This was
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