Global reinsurer SCOR delivered strong financial results in 2025, reporting €208 million in net income for the fourth quarter and €851 million for the full year.
Despite lower premium volumes, the company improved underwriting profitability, particularly in its Property & Casualty (P&C) division. A stronger combined ratio and disciplined execution of its strategy helped offset market competition and revenue pressure.
SCOR 2025 Financial Highlights
Here are the key figures from SCOR’s 2025 results:
- Full-year net income: €851 million
- Q4 net income: €208 million
- Full-year insurance revenue: €15.4 billion (down 4.6%)
- Q4 insurance revenue: €3.8 billion (down 5.6%)
- Full-year gross written premiums (GWP): €18.7 billion (down 6.8%)
- Annualised ROE (FY 2025): 19.2%
- Solvency ratio: 215%
Although premiums declined year-on-year, underwriting performance improved significantly.
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Property & Casualty (P&C) Reinsurance Performance
SCOR’s P&C division showed strong underlying results in 2025.
P&C Revenue and Premiums
- Full-year P&C revenue: €7.3 billion (down 4.4%)
- Q4 P&C revenue: €1.8 billion (down 7%)
- Full-year P&C premiums: €9.3 billion (down 5.7%)
The decline reflects portfolio actions and increased competition in property markets.
Stronger Combined Ratio
The P&C combined ratio strengthened:
- 80.9% in Q4 2025 (improvement of 2.2 percentage points)
- 82.3% for full-year 2025 (improvement of 4 percentage points)
The fourth quarter included a natural catastrophe ratio of 7.6%, reflecting moderate catastrophe activity. For the full year, the nat cat ratio was 6.8%, below budget despite losses from California wildfires and Hurricane Melissa.
Importantly, SCOR confirmed after its annual reserve review that all P&C lines remain at best estimate, with increased reserve resilience.
Life & Health (L&H) Reinsurance Results
SCOR’s Life & Health division also showed improvement compared to 2024.
L&H Revenue
- Q4 2025 revenue: €2 billion (down 3.3%)
- Full-year 2025 revenue: €8.1 billion (down 4.8%)
Insurance Service Result
- Q4 2025: €115 million (down 3.1%)
- Full-year 2025: €450 million (improved from a €348 million loss in 2024)
The turnaround reflects corrective measures taken in 2024 and improved operational discipline.
L&H new business contractual service margin (CSM) increased 51.2% in Q4 to €170 million, although it declined slightly for the full year.
Insurance Service Result and Profitability
SCOR’s insurance service result, a key indicator of underwriting profitability, exceeded €1.4 billion for the full year and rose 4% in Q4 to €371 million.
Return on equity remained strong:
- 19.2% for full-year 2025
- 20.4% for Q4 2025
These results highlight disciplined underwriting and improved portfolio management across both divisions.
Investment Performance and Capital Strength
On the asset side, total invested assets stood at €23.5 billion at year-end 2025, compared to €24.2 billion in 2024. The return on invested assets improved to 3.6%, up from 3.3% the previous year.
SCOR’s solvency ratio reached 215%, positioning the company at the upper end of its optimal capital range.
The Board proposed a dividend of €1.90 per share, up 5.6% year-on-year, reflecting strong capital generation.
January 1, 2026 Renewals
At the 1 January 2026 renewals, SCOR reported broadly stable terms and conditions, including attachment points, despite a more competitive reinsurance environment.
The company pursued selective growth while maintaining underwriting discipline and profitability.
CEO Commentary on 2025 Performance
Thierry Léger, Chief Executive Officer of SCOR, stated that the company delivered solid results across all activities in 2025.
He highlighted:
- Strong P&C underlying performance
- Improved prudence and reserve strength
- L&H recovery following corrective actions in 2024
- Robust operating capital generation
According to Léger, SCOR enters 2026 in a position of strength and remains confident in achieving its Forward 2026 strategic objectives.
What SCOR’s Results Mean for the Reinsurance Market
SCOR’s 2025 performance reflects broader trends in the global reinsurance industry:
- Improved underwriting discipline
- Strong capital buffers
- Competitive pressure in property markets
- Gradual normalization of catastrophe experience
Even with lower premium volumes, improved combined ratios demonstrate the importance of pricing adequacy and portfolio optimization.
In a competitive market environment, reinsurance companies that focus on profitability rather than volume are better positioned for sustainable returns.
Also Read: 10 Major Challenges Facing the Modern Insurance Industry
Company Profile: SCOR
SCOR is a leading global reinsurer headquartered in Paris, France. The company operates across Property & Casualty and Life & Health reinsurance markets worldwide.
SCOR is known for:
- Strong capital management
- Disciplined underwriting
- Diversified global portfolio
- Advanced risk modeling and analytics
With operations in more than 150 countries and a focus on long-term value creation, SCOR plays a key role in supporting insurers and managing global catastrophe, life, health, and specialty risks.
