Q2 2026 Scor SE Earnings Call Transcript

Jul 30, 2026 / 12:00 PM GMT

Release Date Price: €34.92 (+4.18%)

Transcript

Key Points

Positve

SCOR SE (SCRYY) reported a strong group net income of EUR409 million in the first half of 2026, with an annualized return on equity of 19%, well above its 12% target.
The solvency ratio improved to 220%, up 5 points from year-end 2025, reflecting robust capital generation and balance sheet resilience.
P&C insurance delivered an excellent combined ratio below 80% in the first half, supported by a benign catastrophe environment and strong attritional loss performance.
Life & Health insurance service result, excluding a one-off arbitration impact, was EUR113 million, with six consecutive quarters of performance in line with expectations.
The company successfully grew its alternative solutions premiums by over 70% year-to-date, demonstrating strong franchise and market positioning.

Negative

The P&C market remains competitive, particularly in property catastrophe, leading to a limited 2 percentage point increase in the net underwriting ratio at mid-year renewals.
Life & Health insurance service result was negatively impacted by a EUR64 million one-off arbitration charge, reducing overall segment profitability.
Ongoing natural catastrophe events, including wildfires in Europe and Canada and an earthquake in Japan, pose potential but currently modest loss impacts.
The expense ratio in P&C increased to 8.2%, up 40 basis points year-on-year, partly due to top-line pressure from retrocession and revenue mix.
The company faces uncertainty from a second Covéa arbitration, which, while management is confident, could result in financial impacts over the next few years.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

SCOR.PA - Scor SE
Q2 2026 Scor SE Earnings Call
Jul 30, 2026 / 12:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon, ladies and gentlemen and welcome to the SCORE Second Quarter 2026 Results Conference Call. Today's call is being recorded. There will be an opportunity to ask questions after the presentation. In order to give all participants a chance to ask questions, we kindly ask you to limit the number of your questions to two. At this time, I would now like to hand the call to Mr. Thomas Fossard. Please go ahead, sir.

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Unidentified_2 [2]
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Good afternoon, everyone, and welcome to SCORE Q2 2026 results conference call.

I'm joined on the call today by Thierry Leger,

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