SCOR (SCOR.PA)

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SCOR (SCOR.PA)

Equity Research

8 July 2026 | 3:40PM BST

SCOR (SCOR.PA): 2Q’26 results preview

SCOR reports 2Q’26 results on July 30th. Overall, our net income estimate is c.18% Andrew Baker, CFA

+44(20)7051-2074 |

below company-collected consensus, primarily driven by a lower P&C Re Insurance andrew.x.baker@gs.com

Goldman Sachs International

Service Result. Our 84.0% P&C Re combined ratio estimate is 2.7ppts less favourable

Vash Gosalia, CFA

than consensus, as another below budget nat cat quarter has led to a wide range of +44(20)7051-0132 |

consensus estimates (79.0% to 84.1%). We believe this is driven by different views on vash.gosalia@gs.comGoldman Sachs International

opportunistic reserve strengthening, where we assume the entire favourable Ankitha Giridhar

weather benefit will be used to strengthen reserves (placing us towards the top-end +1(332)245-7972ankitha.giridhar@gs.com|

of consensus estimates). Our P&C Re CSM new business estimate is 15% below Goldman Sachs India SPL

Palumboconsensus as we believe that the 1Q’26 result was supported by a favourable Alice | +44(20)7051-2403

multi-year contract. SCOR will also report its mid-year 2026 renewals, where we alice.palumbo@gs.com Goldman Sachs International

expect gross price declines to be more in line with April than January given a similar

property mix (c.-3% to -4%). We are broadly in line with consensus in L&H Re as we

allow for the c.€50mn net income impact from the recent outcome of the Covéa

arbitration process (see here); however, we expect some questions on the Covéa

arbitration provision build over time and whether this changes the view on

experience variances moving forward. Elsewhere, our 217% Solvency II estimate is

broadly in line with consensus.

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