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SCOR SE (SDRB) Q3 2026 Earnings Report

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DE:SDRB Q3 2026 EPS Results

Actual EPS
EUR 0.12
Consensus EPS
EUR 0.09
Beat/Miss
Beat by +EUR 0.02
One Year Ago EPS
EUR 0.12

DE:SDRB Q3 2026 Revenue Results

Actual Revenue
EUR 4.12B
Expected Revenue
EUR 3.75B
Beat/Miss
Beat by +EUR 372.19M
YoY Revenue Growth
-0.23%

Earnings Announcement Details

Quarter
Q3 2026
Date
10/30/2026
Time
Before Open
Conference Call
Friday, October 30, 2026
DE:SDRB Upcoming Earnings

SCOR SE's next earnings date is estimated for March 10, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

DE:SDRB Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Oct 30, 2026|% Change Since:7.64%|
Earnings Call Sentiment|Positive

The call was strongly positive overall. SCOR reported robust profitability, capital strength, economic value growth above target, strong P&C underwriting performance, consistent Life & Health results, and positive investment income. Management acknowledged meaningful challenges from P&C market softening, pricing pressure, catastrophe and other losses, EGPI revisions, and selected business exits, but described these risks as understood and incorporated into its plans. The highlights significantly outweighed the lowlights.

Company Guidance

SCOR expects competition to remain high at the 1st of January 2027 renewals, with margin and quality over volume, and expects price decreases in cat of high single digit, low double digit; the outlook for '27 is something in line with what we saw in '26 so far. Management estimates the deterioration between '25 and '26 to be limited to approximately 2 points of combined ratio, expects to continue to build buffers, and said the cat exposure does not change the 10% guidance. SBS is expected to show some growth and continue to be a good driver of revenue growth, while SCOR expects to reach its objective of neutral or positive cash flow on the Life & Health side in 2026; the Solvency II review guidance remains 10% to 15%, and the Forward 2026 targets include 12% ROE and 9% annual growth.

  • Strong Nine-Month Net Income and Return on EquityGroup net income reached EUR 615 million in the first 9 months, corresponding to an annualized return on equity of 19.3%, despite increased competition in P&C, a negative one-off arbitration impact in Life & Health in the second quarter, and continued buffer building in P&C.
  • Q3 Net Income and ROE Above TargetGroup net income reached EUR 206 million for the quarter, translating into a Q3 ROE of 20.4%, well above the Forward 2026 target of 12%.
  • Solvency Ratio StrengthenedThe solvency ratio reached 221%, up 6 percentage points compared with year-end 2025, supported by strong underlying operating capital generation.
  • Economic Value Growth Above TargetEconomic value stood at EUR 8.9 billion, increasing 11.9% at constant economics over the first 9 months, above the 9% annual growth target set under Forward 2026.
  • Strong P&C Combined RatioP&C delivered a combined ratio of 81.3% for the first 9 months and 84.1% in Q3, below the 87% Forward 2026 target. The Q3 result was supported by strong attritional performance while SCOR continued to build reserve buffers.
  • Resilient P&C Performance Despite Catastrophe EventsThe Q3 nat cat ratio remained within budget at 9.1%, absorbing the Colombian earthquake and smaller events including European storms, fires in France, and flooding in Bangkok.
  • Strong Attritional Performance and Portfolio QualitySCOR reported an excellent low attritional loss ratio and continued to build additional reserve buffers. Management attributed the performance to strict underwriting discipline, control limits on high-risk areas, good price adequacy in business written in 2025 and 2026, and the diversified quality of the portfolio.
  • Limited Expected P&C Deterioration From 2025 to 2026Management estimated that the deterioration between 2025 and 2026 would be limited to approximately 2 points of combined ratio, and said this was continuing to be reflected in results.
  • P&C Insurance Revenue GrowthP&C insurance revenue increased 2.3% at constant FX and 3.5% at current FX, supported by strong 2025 and 2026 renewals.
  • Stable P&C New Business CSMP&C new business CSM remained stable at EUR 1.12 billion over the first 9 months, which management described as a robust performance in the current soft market environment.
  • Life & Health Results In Line With ExpectationsLife & Health performance remained in line with expectations for the seventh consecutive quarter since the 2024 reset. The quarterly insurance service result was EUR 119 million and included a positive experience variance of EUR 12 million.
  • Life & Health New Business Growth and Mix ImprovementLife & Health new business CSM increased year-on-year on both a quarterly and nine-month basis. Management said business growth and the mix within new business CSM were improving directionally, with a focus on reducing protection and increasing financial solutions and longevity.
  • Positive Life & Health Opportunity PipelineManagement reported a good contribution from financial solutions despite the typically quieter third quarter, expressed satisfaction with market dynamics, and said it was confident in the longevity pipeline.
  • Progress Toward Positive Life & Health Cash FlowManagement said it was quite confident that SCOR would reach its 2026 objective of neutral or positive cash flow on the Life & Health side.
  • Stable and Positive Investment ContributionInvestments continued to provide a stable and positive contribution to group earnings, benefiting from the higher interest rate environment.
  • Higher Investment Income and Attractive Reinvestment RateRegular income yield reached 4.1%, return on invested assets was 3.7%, and the reinvestment rate was 5% as of September 30. Management noted that the quarterly regular income yield was partly boosted by a larger private equity fund distribution.
  • Capital Discipline and Selective UnderwritingSCOR said it remains highly selective in deploying capital, doing so only when risk-return is attractive, while prioritizing margin and quality over volume for the January 1, 2027 renewals.
  • Strategic Exit From Inadequately Priced LinesSCOR's direct insurance business has exited U.S. casualty and space because management said these lines lacked adequate margins and their negative outlook remained unchanged.
  • Diversification and Positioning for the Next Strategic CycleManagement said SCOR's Tier 1 franchise, technical expertise, and capital allocation toward profitable and diversifying lines position the company to navigate market headwinds. The company plans to present its new strategic plan on December 3.
  • Limited and Manageable Expected Impact From FranceDespite recent social unrest and political turmoil in France, management expects the impact on SCOR to remain limited and manageable, citing operations in more than 150 countries, a conservative investment strategy, and France representing approximately 5% of group underwriting revenues.
  • SBS Diversification Supports Future Revenue GrowthSBS teams are diversifying away from concentrated exposure to short-tail lines, property, energy, and construction. Management said the overall trajectory remains for SBS to continue to be a good driver of revenue growth.
  • Conservative Investment Portfolio and ALM PositionSCOR remains comfortable with its conservative investment portfolio. Current interest rates are not expected to change the strategic asset allocation or the company's view of risky assets, while granular allocation changes reflect asset-liability management and duration lengthening. SCOR has no exposure to French government debt.
  • Expected Completion of Life & Health ResetAfter seven quarters of performance in line with or slightly better than expectations following the 2024 Life & Health reset, management expressed confidence that it would conclude after the eighth quarter that the revised assumptions and in-force management actions were appropriate.

DE:SDRB Earnings History

DE:SDRB earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Mar 10, 20272026 (Q4)0.10-0.13――
Oct 30, 20262026 (Q3)0.090.120.12-5.15% (-0.01)
Jul 30, 20262026 (Q2)0.090.110.13-15.97% (-0.02)
May 06, 20262026 (Q1)0.110.130.1116.94% (+0.02)
Mar 04, 20262025 (Q4)0.100.130.130.00% (+0.00)
Oct 31, 20252025 (Q3)0.120.12-0.06297.10% (+0.18)
Jul 31, 20252025 (Q2)0.120.13-0.17177.42% (+0.30)
May 07, 20252025 (Q1)0.080.110.113.33% (+0.00)
Mar 05, 20252024 (Q4)0.120.130.0941.41% (+0.04)
Nov 14, 20242024 (Q3)0.08-0.060.08-179.31% (-0.14)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed