Company Reports

For the second quarter of 2026, Scor has delivered results marginally ahead of company compiled consensus, including a negative impact from arbitration, with low natural catastrophe and experience variance being the underlying business unit themes.

Scor is a large reinsurance company headquartered in Paris. It operates in over 100 countries, serving many clients from offices worldwide that are connected through a backbone network of application, data, and exchange systems. This allows local access to centralized risk analysis, underwriting, and pricing databases, at the same time allowing information on local market conditions to be shared among the group’s worldwide offices. In addition, through regular exchanges of personnel between group headquarters in Paris and its non-French subsidiaries and branch offices, the business encourages professional development and training across its various lines and geographies. We think that historically in the case of Scor, investments in risk analysis, underwriting, and pricing haven’t benefited the overall business as returns on equity have been low. Our general sense is that is changing.

Scor is a large reinsurance company headquartered in Paris. It operates in over 100 countries, serving many clients from offices worldwide that are connected through a backbone network of application, data, and exchange systems. This allows local access to centralized risk analysis, underwriting, or pricing databases, at the same time allowing information on local market conditions to be shared among the group’s worldwide offices. In addition, through regular exchanges of personnel between group headquarters in Paris and its non-French subsidiaries and branch offices, the business encourages professional development and training across its various lines and geographies. We think that historically in the case of Scor, investments in risk analysis, underwriting, and pricing haven’t benefited the overall business as returns on equity have been low. Our general sense is that is changing.

For the first quarter 2026 Scor has delivered surprisingly good results against a backdrop of a market softening. That is across both property and casualty and life and health with the business showing limited negative experience variance and onerous contract impacts in the life and health division.

Scor is a large reinsurance company headquartered in Paris. It operates in over 100 countries, serving many clients from offices worldwide that are connected through a backbone network of application, data, and exchange systems. This allows local access to centralized risk analysis, underwriting, or pricing databases, at the same time allowing information on local market conditions to be shared among the group’s worldwide offices. In addition, through regular exchanges of personnel between group headquarters in Paris and its non-French subsidiaries and branch offices, the business encourages professional development and training across its various geographic markets and lines. We think that historically in the case of Scor, investments in risk analysis, underwriting, and pricing haven’t benefited the overall business as returns on equity have been low. Our general sense is that is changing though.

For full-year 2025, Scor has, in our opinion, reported very strong results, just missing on a few key marks. It has delivered ahead of company-compiled consensus in nearly every metric, and numbers are also ahead of us. This is across division and group, balance sheet, and discipline as well.

Scor's current approach to managing the cycle steers the business to remaining cautious on climate-sensitive lines and US casualty and directing growth toward diversifying lines, which are mainly specialty lines, and alternative solutions.

Over the past decade Scor's financial performance has been volatile at best. This started with the heavy natural catastrophes of Hurricane Harvey, Hurricane Irma, and Hurricane Maria. Then the pandemic occurred, which resulted in a critical omission of its dividend.

Over the past near decade, Scor's financial performance has been volatile at best. This started with the heavy natural catastrophes of hurricanes Harvey, Irma, and Maria, and then the pandemic that resulted in an omission of its dividend. Going forward, we think more consistent performance is key.

Scor is a large reinsurance company headquartered in Paris. It operates in over 100 countries, serving many clients from offices worldwide that are connected through a backbone network of application, data, and exchange systems. This allows local access to centralized risk analysis, underwriting, or pricing databases, at the same time allowing information on local market conditions to be shared among the group’s worldwide offices. In addition, through regular exchanges of personnel between group headquarters in Paris and its non-French subsidiaries and branch offices, the business encourages professional development and training across its various geographic markets and lines. We think that in the case of Scor, investments in risk analysis, underwriting, and pricing haven’t benefited the overall business. That is because returns on equity have been low.

In its third-quarter 2025 results, we think Scor has delivered decent group earnings that have been supported by benign natural catastrophe activity, but weaker delivery in life and health.

In taking a closer look at European reinsurers, we think that while the industry could be faced with higher volume as a result of climate change, buoyant returns from a harder market have attracted capital. That has led to the cycle turning, and that is more important in the medium term.

Scor is a large reinsurance company headquartered in Paris. It operates in over 100 countries, serving many clients from offices worldwide that are connected through a backbone network of application, data, and exchange systems. This allows local access to centralized risk analysis, underwriting, or pricing databases, at the same time allowing information on local market conditions to be shared among the group’s worldwide offices. In addition, through regular exchanges of personnel between group headquarters in Paris and its non-French subsidiaries and branch offices, the business encourages professional development and training across its various geographic markets and lines. We think that in the case of Scor, investments in risk analysis, underwriting, and pricing haven’t benefited the business overall. That is because returns on equity have been low.

While looking at dividends for 2025, when we published our European Insurance Dividends report on June 30, we picked out Admiral, Munich Re, and Scor. We also highlighted Ageas as holding potential to outperform.

Scor has delivered a pretty decent set of results for the second quarter of 2025, beating company-compiled consensus in some key areas. However, we think the market is probably focused on some residual life and health negative experience variance.

In our look into European dividends for companies and stocks we prefer for 2025 earnings, we like Admiral, Munich, and Scor, but we prefer Scor over Munich based on its price/fair value ratio. We also think there is potential in Ageas.

Scor is a large reinsurance company headquartered in Paris. It operates in over 100 countries, serving many clients from offices worldwide that are connected through a backbone network of application, data, and exchange systems. This allows local access to centralized risk analysis, underwriting, or pricing databases, at the same time allowing information on local market conditions to be shared among the group’s worldwide offices. In addition, through regular exchanges of personnel between group headquarters in Paris and its non-French subsidiaries and branch offices, the business encourages professional development and training across its various geographic markets and lines. We think that in the case of Scor, investments in risk analysis, underwriting, and pricing haven’t benefited the business overall. That is because returns on equity have been low.

Scor has reported solid numbers for the first three months of 2025, delivering decent numbers across all three parts of the business. This is a welcome start to 2025 for a company that has otherwise been shrouded in experience variance that affected life and health for the best part of a year.

Scor is a large reinsurance company headquartered in Paris. It operates in over 100 countries, serving many clients from offices worldwide that are connected through a backbone network of application, data, and exchange systems. This allows local access to centralized risk analysis, underwriting, or pricing databases, at the same time allowing information on local market conditions to be shared among the group’s worldwide offices. In addition, through regular exchanges of personnel between group headquarters in Paris and its non-French subsidiaries and branch offices, the group encourages professional development and training across its various geographic markets and lines of business. We think that in the case of Scor, investments in risk analysis, underwriting, and pricing haven’t benefited the business overall. That is because returns on equity have been low.

Scor is a large reinsurance company headquartered in Paris. It operates in over 100 countries, serving many clients from offices worldwide that are connected through a backbone network of application, data, and exchange systems. This allows local access to centralized risk analysis, underwriting, or pricing databases, at the same time allowing information on local market conditions to be shared among the group’s worldwide offices. In addition, through regular exchanges of personnel between group headquarters in Paris and its non-French subsidiaries and branch offices, the group encourages professional development and training across its various geographic markets and lines of business. We think that in the case of Scor, investments in risk analysis, underwriting, and pricing haven’t benefited the business overall. That is because returns on equity have been low.