SCOR (SCOR.PA): 2Q results first take: Strong underlying earnings and no nasty surprises

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SCOR (SCOR.PA): 2Q results first take: Strong underlying earnings and no nasty surprises

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30 Jul 2026 02:17:16 ET │ 11 pages

SCOR (SCOR.PA)

2Q results first take: Strong underlying earnings and no nasty surprises

CITI'S TAKE

Buy Q2 earnings look strong to us with an 8% beat on net income, a COR

coming in 1.8pts better than consensus, no adverse experience in L&H Re, Price (29 Jul 26 17:30) €33.42

and a useful 3ppt solvency beat. We estimate ~€93m of Q2 buffer build Target price €35.70

which suggests a normalised COR of 78.5% which is a further Expected share price return 6.8%

improvement on Q1 and far better than our FY assumption. The buffer Expected dividend yield 6.1%

build needs clarifying but seems significant. June/ July renewals look Expected total return 13.0%

broadly in-line but with the NB CSM a 13% beat which is encouraging. We

Market Cap €5,995M expect the shares to respond well today.

US$6,875M

Earnings Summary — 2Q net income as an 8% beat on consensus driven by an

higher ISR in P&C and L&H. The 79.5% Q2 COR was 1.8pts better on lower Nat Cats

(-1.5pts) and a better attritional partly offset by a higher expense ratio on reduced James A ShuckAC

volumes. Gross P&C insurance revenues were flat at constant FX, helped by SBS +44-20-7986-3975

(+4%) with Reinsurance -1.6% affected by premium adjustments. The delta between james.shuck@citi.com

Nat Cat budget/ actual and the Experience Variance is €93m which equates to 8pts

of COR, albeit with the RA flat. This might suggest an impressive normalised 2Q COR Prathamesh Chavan, CFA

of 78.5%, a 1pt improvement on 1Q and far better than our 82.4% FY assumption. +91-22-4277-5016

Meanwhile, June/ July renewals rose 1.3% boosted by Speciality with gross prices - prathamesh.chavan@citi.com

4.4% (COR impact <2pts).