Q3 2025 Scor SE Earnings Call Transcript
Key Points
- SCOR SE (SCRYY) reported a strong quarter with a net income of EUR 211 million and a return on equity of 21.5%.
- The P&C segment performed excellently with a combined ratio of 80.9%, well below the forward 2026 assumption of below 87%.
- The Life & Health segment is on track to meet the full-year forward 2026 assumption of around EUR 400 million.
- Investment performance was robust, achieving a 3.5% regular income yield from a high-quality fixed income portfolio.
- The group solvency ratio remains strong at 210%, in the upper part of the optimal range, indicating financial stability.
- The P&C segment experienced an accumulation of small and midsized man-made claims, impacting the attritional loss ratio.
- There is increased pressure on prices in the P&C market due to excess supply of capacity, testing underwriting discipline.
- The solvency ratio did not increase as expected due to market variance impacts, particularly from currency fluctuations.
- The Life & Health segment faced some volatility in onerous contracts, driven by an increase in risk adjustment and reserve movements.
- The economic value per share remained flat compared to the start of the year, affected by market variance.
Good afternoon, ladies and gentlemen, and welcome to Scor SE Q3 2025 results conference call. Today's call is being recorded. (Operator Instructions)
At this time, I would like to hand the call over to Mr. Thomas Fossard. Please go ahead, sir.
Good afternoon, and welcome to the Scor Q3 2025 results conference call. I'm joined today by Thierry Leger, Group CEO; and Francois de Varenne, Deputy CEO and Group CFO; as well by other ComEx members. 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 Leger. Thierry, over to you.
Thank you, Thomas, and welcome, everyone, also from my side. I'm satisfied with where Scor stands today. We had another strong quarter, especially in P&C, where our strategy of diversifying growth pays off. The investment side continues to contribute in a stable and positive way to our
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