SCOR: Net Income of €851M and Return on Equity of 19.2% in 2025
On Wednesday, reinsurer SCOR announced its annual results for 2025, highlighted by a net income of 851 million euros and a return on equity of 19.2%. The insurer proposes to increase its dividend to 1.9 euros per share.
Financial Performance Overview
SCOR recorded a net income of 851 million euros for the full year of 2025, adjusted from 846 million euros excluding the impact of fair value changes on its own share option. In the fourth quarter alone, the group generated a net income of 208 million euros, or 214 million euros adjusted. This result reflects a strong performance across all business lines of the group. The return on equity stood at 19.2% for the year, or 19.1% on an adjusted basis. The group's solvency ratio was at 215%, in the upper range of the target bracket between 185% and 220%. This ratio has increased by 5 percentage points compared to 2024 and the first nine months of 2025, reflecting a strong net generation of operational capital.
Dividend Proposal and Economic Value
SCOR proposes a regular dividend of 1.9 euros per share for 2025, an increase of 5.6% compared to the 2024 dividend. This distribution will be subject to shareholder approval at the ordinary general meeting on April 28, 2026. The dividend determination will occur on May 4, 2026, with payment scheduled for May 6, 2026. The economic value of the group, measured according to IFRS 17 standards, stands at 8.5 billion euros as of December 31, 2025, up by 13.7% at constant economic assumptions compared to December 31, 2024. The total invested asset portfolio amounts to 23.5 billion euros, with an allocation of 79% towards bonds.
Insurance Revenue and Investment Returns
P&C insurance revenues amounted to 1.795 billion euros in the fourth quarter, down 1.6% at constant exchange rates. The P&C combined ratio was 80.9% in Q4 2025 compared to 83.1% a year earlier. L&H insurance revenues reached 1.988 billion euros in the fourth quarter, up by 2.9% at constant exchange rates. The result from L&H insurance activities amounted to 115 million euros in Q4. The yield on invested assets stood at 3.6% in the fourth quarter compared to 3.3% a year earlier, with a current yield of 3.8% versus 3.6% previously. The reinvestment rate was 4.0% as of December 31, 2025, allowing the group to benefit from 8.5 billion euros of expected financial cash flows over the next 24 months.
