First quarter 2025 results: EUR 200 million net income in Q1 2025

Core Insights - SCOR reported a net income of EUR 200 million in Q1 2025, with all business activities contributing positively to this result [4][6][19] - The annualized Return on Equity (ROE) is at 18.7%, reflecting a strong performance compared to previous periods [4][23] - The Group's solvency ratio improved to 212%, indicating a solid capital position [4][6][24] Group Performance and Financials - The Group's net income for Q1 2025 is EUR 200 million, with an adjusted figure of EUR 195 million [4][6] - The annualized ROE stands at 18.7%, up from 17.3% in Q1 2024 [19][23] - The Group Economic Value increased by 6.8% at constant economics, reaching EUR 9.0 billion [4][6][21] - The solvency ratio is estimated at 212%, up 2 points from FY 2024 [4][6][24] P&C (Property and Casualty) Segment - The P&C combined ratio is 85.0%, a significant improvement from 87.1% in Q1 2024, despite natural catastrophe claims [7][12][23] - P&C insurance revenue is EUR 1,858 million, reflecting a 1.2% increase at current exchange rates [12][22] - The P&C insurance service result is EUR 205 million, driven by a low attritional loss and commission ratio of 74.7% [12][13] L&H (Life and Health) Segment - L&H insurance revenue decreased to EUR 2,205 million, down 3.1% at current exchange rates [14][15][22] - The L&H insurance service result improved significantly to EUR 118 million, a 64.9% increase compared to Q1 2024 [15][19] - New business CSM generation in L&H was EUR 76 million, reflecting a strategic shift in business approach [14][15] Investment Performance - Total invested assets reached EUR 24.3 billion, with a return on invested assets of 3.8% [16][17][24] - The regular income yield remained stable at 3.5%, while total investment income increased to EUR 226 million [16][17][22] - The reinvestment rate is at 4.3%, indicating continued strong investment performance [17][24] Market Context and Strategy - SCOR is strategically growing in preferred lines during the April 2025 renewals, with an EGPI increase of 1.5% [8][9] - The company is maintaining underwriting discipline in a softening market, with a focus on profitable and diversified growth [9][10] - Despite competitive pricing expected in loss-free programs, SCOR's overall business mix remains attractive [10][11]