Fitch Ratings, a credit rating agency, has revised the outlooks of French reinsurer SCOR and its core operating subsidiaries to positive from stable. This reflects Fitch’s expectation that SCOR’s earnings will improve, particularly in life and health (L&H), due to the group’s portfolio actions aimed at restoring profitability, which was hit by the 2024 L&H assumption review.
The ratings continue to reflect SCOR’s strong position within the global reinsurance sector, which is underpinned by its established competitive positioning, large operating scale, and wide business, and geographic diversification.
The subsidiaries that have had their ratings affirmed include: Scor Global Life Americas Reinsurance Company, Scor Ireland, SCOR Canada Reinsurance, SCOR Reinsurance Co (US), General Security Indemnity Company Of Arizona, SCOR Global Reinsurance Ireland, SCOR Reinsurance Co Asia Ltd., SCOR SE LT, SCOR UK Company Limited, and SCOR Reinsurance Asia-Pacific Pte Ltd.
Fitch expects SCOR to have a strong recovery in earnings in 2025 and “further, but milder,” improvements in 2026, as it benefits from management actions to strengthen reserve buffers, in-force management and new business launched as part of the 2024 L&H assumption review.
SCOR reported strong half-year 2025 results in L&H, as the insurance service result (ISR) was €236 million, a huge increase from a loss of €258 million in H1’24, which dropped due to the 2024 L&H assumption review. Overall, SCOR’s ISR at H1’25 was €682 million compared to €126 million in H1’24, driven by strong property and casualty (P&C) results.
For H1’25, SCOR reported a P&C combined ratio of 83.7% compared to 87% in H1’24, assisted by a lower natural catastrophe contribution of 3.8% in the second quarter of 2025 compared to 9.9% in Q2’24. While ISR grew to €446 million in H1’25 compared to €383 million in H1’24, the contractual service margin rose to €935 million compared to €891 million in H1’24.
Fitch commented, “Substantial remedial actions over the past three years have continued to support strong P&C profitability, which was affected by large catastrophe losses, the pandemic and low investment income over 2017-2022. Fitch expects SCOR’s P&C results to remain strong in 2025 and 2026.”
According to Fitch, SCOR has ‘very strong’ capitalisation, underlined by a Solvency II (S2) ratio of 210% at the end of H1’25, unchanged from end-2024, while staying comfortably within the group’s optimal range of 185%-220%. In 2024, the S2 ratio remained broadly stable as the negative contribution of the L&H assumption review was offset by the positive impact of assets, liabilities, and debt management actions. Fitch’s Prism Global model was also ‘extremely strong’ at end-2024, unchanged from end-2023.
Additionally, the Fitch-calculated financial leverage ratio of SCOR was 20% at end-2024, consistent with the rating. In September 2025, SCOR issued €500 million Tier 2 (T2) subordinated notes and bought back €317 million T2 subordinated notes.
Lastly, Fitch views SCOR’s non-life reserving as prudent, well-governed, and supportive of its rating. The firm strengthened its P&C reserves since 2023 to reflect rising inflation and latent exposures, and it is expected that this will continue as long as underwriting results remain supportive, which is positive for our assessment of reserving risk.
Fitch Ratings will continue monitoring SCOR and its subsidiaries, which could lead to an upgrade or downgrade of the group as a whole or of individual firms.
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