SCOR’s P&C revenues dip citing higher property competition, combined ratio improves

SCOR, the Paris-headquartered global reinsurance company, reported a reduction in property and casualty revenues for the fourth-quarter and full-year of 2025, but in part this is reported by the company to be a response to the competitive market in property risks.

SCOR is clearly continuing to optimise its reinsurance business and adjusting to market conditions and levels of competition.

The company reported P&C revenue dropped 7% in the fourth-quarter and 4.4% for the full-year, which it put down to past portfolio actions taken in its large corporate risk division, as well as “increased competition in property.”

It’s a signal that competitive conditions in property insurance and reinsurance are affecting even the largest players in the market, changing appetites and driving focus.

Encouragingly for SCOR, while P&C revenues dipped, its combined ratio improved both for Q4 and full-year 2025, while the P&C service result was up 7.6% and 22.8% respectively for each period. Group net income was down for the fourth-quarter, but up for the full-year.

Which suggests a more profitable P&C insurance and reinsurance underwriting business at SCOR, naturally buoyed by the lower level of major nat cat events in 2025.

SCOR is being more selective though, as P&C premiums written fell by 5.7% for the full-year and by 11.5% in Q4, as the company continues to optimise the portfolio it seems.

However, at the January 2026 renewals, SCOR had reported growing its P&C premiums by 7.4%, while improving its retrocession costs.

It is interesting that the company pulled back in P&C reinsurance premiums in 2025, but has now started to expand again at the January renewals when conditions were even more competitive.

Timing could be the driver here, as January can provide more opportunity for growth and of course SCOR has many more avenues for growth than property risks, which were no doubt considerably softer and more competitive at 1/1.

Thierry Léger, Chief Executive Officer of SCOR, commented on the results, “Driven by the disciplined execution of our Forward 2026 strategic plan and the exceptional commitment of our teams, SCOR demonstrated the robustness of its leading franchise and diversified business model. We delivered, quarter after quarter, very solid results across all our activities. P&C maintained excellent underlying performance and continued to build prudence at a pace faster than planned. L&H benefited from the decisive actions taken in 2024 and a rigorous focus on execution throughout the year reporting an insurance result above guidance and a satisfactory experience variance. Supported by strong operating capital generation, our solvency ratio stands at 215%, at the upper end of the optimal range. Our proposed dividend of EUR 1.9 per share, up 5.6% from last year, offers an attractive dividend yield and demonstrates our ability to create sustainable value for our shareholders.

“At the 1.1 renewals, in a more competitive environment, SCOR achieved a positive outcome, combining growth with an adequate level of profitability. SCOR starts the year in a position of strength, and I am confident in our ability to achieve attractive returns for our shareholders and to deliver on our Forward 2026 objectives.”