2Q26: Minor positives outweigh renewal prices

Research evidence excerpt

2Q26: Minor positives outweigh renewal prices

Global Research

30 July 2026ab

First Read

EquitiesScor

2Q26: Minor positives outweigh renewal prices France

Insurance, Full-Line

12-month rating Neutral

Q: How did the results compare versus expectations?

A: Overall: With the negative news already announced (provision uplift and option 12m price target €33.00

loss), the incremental news today has more positives than negatives, though reasonably

limited in quantum. The headline net income beat of €171mn is €12mn ahead of UBSe

Price (29 Jul 2026) €33.42

and c.€20mn above cons. The strength is in the P&C margin, and with the buffer build

seemingly aligned with UBSe, it is an attritional beat to us (could be light man-made) and RIC: SCOR.PA BBG: SCR FP

aligned with cons. Other areas of minor strength include CSM and Solvency which could Trading data and key metrics

raise capital distribution hope, albeit too early in our view. While the June/July renewal

52-wk range €33.98-25.60

could be construed positively given better premium growth, this has been achieved at a

Market cap. €5.99b/US$6.87b

weaker price than UBSe. Detail: 1. P&C: P&C ISR of €269m beat cons. €248m. While

Shares o/s 179m (ORD)

gross revenue missed cons. by -2% (net missed UBSe by -3%), CoR of 79.5% beat cons.

by 1.8ppts helped by 1.5ppts lower Nat Cat & 0.2ppts higher discounting. Excluding Free float 98%

these impacts, the CoR was 0.1ppts better than cons., which we note was achieved with Avg. daily volume ('000) 496

opportunistic prudence building. UBSe the buffer build is mid to high SD of CoR, c. Avg. daily value (m) €15.7

€100mn, in line with UBSe, therefore noting an attritional beat, which could be Common s/h equity (12/26E) €4.67b

explained by lighter man-made losses. 2. Life: ISR of €49m beat cons.