Scor beats consensus with 85% combined ratio

By Scott Vincent

May 7 - (The Insurer) - Scor improved its combined ratio to 85% during the first quarter of 2025 despite natural catastrophe losses coming in above budget for the period.

In its quarterly results announcement on Wednesday, Scor said its natural catastrophe claims ratio stood at 12.5% for the quarter, above the budgeted 10%.

This was mainly driven by January’s Los Angeles wildfires, which accounted for 10.8 points of the natural catastrophe ratio. Scor had previously disclosed an expected 140 million of wildfire losses.

However, a low attritional loss and commission ratio of 74.7% meant Scor was able to improve its combined ratio by 2.1 percentage points year-on-year and beat consensus by 3.3 percentage points

P&C insurance revenue was down 0.7% at constant exchange rates to 1.86 billion euros for the quarter.

Scor reported a 13.3% increase in its P&C insurance service result, which rose to 205 million euros.

Group net income totalled 200 million euros for the quarter, with Scor’s life and health division reporting an insurance service result of 118 million.

At the April 1 renewals, which represent around 12% of Scor’s P&C reinsurance premiums, the reinsurer said its estimated gross premium income rose 1.5% on its renewing book, driven by a 33% increase in its alternative solutions book.

Specialty lines grew estimated gross premium income by 3.8%, driven by growth in the marine book.

Scor said it further reduced its exposure to U.S. casualty at April 1.

It expects the technical profitability of its renewed business to deteriorate by one point, reflecting the increased competition in the market.

However, the reinsurer said it the profitability of its business mix would remain very attractive for the remaining renewals in 2025.