French carrier SCOR, one of Europe’s big four reinsurance companies, has reported net income of €217 million for the third quarter of 2025, reversing the loss for the same period last year, as the property and casualty (P&C) combined ratio strengthened by 7.5 percentage points to 80.9%.
Both P&C and life and health (L&H) performed well in the quarter, with the former posting a 1.6% dip in insurance revenue to €1.8 billion, a 60.4% increase in the P&C insurance service result to €255 million, and an improved combined ratio.
The P&C combined ratio includes a natural catastrophe ratio of 2.7%, which reflects a benign quarter for activity, an attritional loss and commission ratio of 79.2%, a discount effect of -8.4%, and an attributable expense ratio of 8.2%.
SCOR explains that within P&C, Reinsurance and SBS experienced growth in the quarter, notably from Alternative Solutions and Specialty Lines.
The P&C new business CSM in Q3’25 hit €170 million, down -3.2% at current exchange rates compared to the same period last year, mainly driven by an unfavourable foreign exchange effect.
For the nine month period ended September 30th, 2025, SCOR’s P&C insurance revenue fell 3.6% year-on-year to €5.5 billion, as the insurance service result increased by 29.5% to €701 million, and the combined ratio improved by 4.6 percentage points to 82.8%.
During 9M’25, SCOR’s P&C nat cat ratio of 6.4% remains below budget despite the California wildfire impact in the first quarter.
Turning to the firm’s L&H business, and insurance revenue decreased 9.6% year-on-year in Q3’25 to €1.9 billion, as the insurance service result improved to a gain of €98 million compared with a loss of €210 million, and the new business CSM fell by 28.7% to €82 million. The reinsurer states that it continues to build its L&H CSM through new business generation, notably in Protection and Financial Solutions.
For 9M’25, L&H insurance revenue fell 5.3% year-on-year to €6.1 billion, as the insurance service result improved to €334 million from a loss of €467 million. in 9M’24, and the new business CSM decreased by 21.1% to €294 million.
In terms of investments, SCOR reports that as of September 30th, 2025, total invested assets amount to €23.4 billion, with a return on invested assets of 3.3% in the quarter and 3.5% in 9M’25.
“SCOR achieves a strong quarter delivering an annualized RoE of 22.1% in Q3 2025. The excellent combined ratio in P&C reflects our disciplined underwriting and successful strategy to grow into profitable and diversifying lines of business, combined with low natural catastrophe activity during the quarter. In line with our opportunistic buffer building strategy, SCOR has already been able to add an amount of prudence comparable to that built in FY 2024.
“L&H is on track to deliver on its updated Forward 2026 ISR target, underpinned by solid CSM amortization and a neutral experience variance. Investments continue to deliver stable and strong results. Looking ahead to the 1.1 renewals and beyond, SCOR will continue to leverage its Tier 1 franchise and to execute on its Forward 2026 plan in a disciplined way,” said Thierry Léger, Chief Executive Officer of SCOR.
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