SCOR (SCR) Q4 2025 earnings summary

Executive summary

• Achieved full-year net income of EUR 846 million to EUR 851 million and Return on Equity of 19.1% to 19.2% for 2025, both exceeding targets.

• All business segments—P&C, Life & Health, and Investments—contributed to strong results, supported by disciplined execution of the Forward 2026 plan.

• EUR 170 million in cost savings realized after two years, one year ahead of target, keeping management expenses flat year-over-year.

• Proposed dividend of EUR 1.9 per share for 2025, up 5.6% from the previous year, establishing a new floor under the dividend ratchet policy.

• Solvency ratio at 215%, at the upper end of the target range.

Financial highlights

• Q4 2025 net income reached EUR 208 million (EUR 214 million adjusted), with an annualized ROE of 20.4% to 21.1%.

• Full-year insurance revenue was EUR 15,378 million to EUR 15.4 billion, with management expenses at EUR 1,225 million.

• FY 2025 combined ratio improved to 82.3% (down 4.0 pts YoY); Q4 2025 combined ratio at 80.9% (down 2.2 pts YoY).

• Investment income on invested assets was EUR 209 million in Q4 and EUR 835 million for the year, with a return of 3.5% to 3.6%.

• Operating cash flow for FY 2025 was EUR 1,169 million, up 29.5% year-over-year.

Outlook and guidance

• Positive outlook for all business segments, supported by satisfactory January renewals and a diversified model.

• Confident in maintaining a P&C combined ratio below 87% for 2026.

• Regular income yield expected between 3.4% and 3.8% in 2026.

• Continued focus on capital generation and disciplined underwriting, with growth as an outcome rather than a target.

• L&H insurance service result exceeded updated Forward 2026 guidance.