In P&C, the combined ratio stands at 79.5% in 2Q2026, including a natural catastrophe ratio of 2.9%, reflecting a benign quarter of low natural catastrophe activity. This includes excellent Nat Cat and attritional loss performances, as well as additional buffer building.
In L&H, the insurance service result stands at EUR 49 million in 2Q2026, impacted by a negative experience variance which follows the outcome of a one-off arbitration. Excluding this impact, the Q2 ISR stands at EUR 113 million, with a positive experience variance of EUR 4 million.
In Investments, SCOR benefits from still-elevated reinvestment rates in 2Q2026 and records a high regular income yield of 3.6%. The effective tax rate stands at 24.1% for 2Q2026.
The annualized Return on Equity stands at 16.3% (18.0% adjusted) in 2Q2026 and the Group Economic Value over the first half of 2026 increases by 10.5% at constant economics. Over the first half of 2026, SCOR reports a net income of EUR 397 million (EUR 409 million adjusted), implying an annualized Return on Equity of 18.5% (19.0% adjusted).
The Group solvency ratio is estimated at 220% at the end of 2Q2026, up 5 percentage points vs FY2025. This is supported by operating capital generation from all businesses, net of capital deployment for business growth, deleveraging actions, and the accrual of dividend for the first half of 2026.
“SCOR achieved another strong set of results this quarter, demonstrating the consistency and resilience of its earnings. This performance reflects the remarkable engagement of our teams, the strength of our client relationships and diversified business model and the disciplined execution of our strategy across all three businesses. In P&C, we continued to combine diversified growth with strict underwriting discipline in an increasingly competitive market. In L&H, we delivered another quarter in line with expectations while our investment portfolio continued to generate attractive and recurring income. The Group solvency ratio stood at 220% at quarter-end, with capital generation in line with our FY 2026 guidance. Overall, these results underscore the robustness of our operating model and our ability to steer performance through changing market conditions. We have entered the second half of 2026 from a position of strength, firmly focused on delivering Forward 2026”, commented Thierry Léger, Chief Executive Officer of SCOR.
The full second quarter 2026 report can be found here.
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