Press release
4 February 2026 - N° 03

January 2026 P&C Reinsurance Renewals

Selective growth in a competitive pricing environment

Jean-Paul Conoscente, CEO of P&C at SCOR, comments: “In a more competitive environment, we are satisfied with the outcome of the 1.1 renewals, which combine growth with an adequate level of profitability. SCOR achieved targeted growth of 4.7% for its traditional reinsurance, leveraging its franchise to grow with core clients under broadly stable terms and conditions, including attachment points. The increase in the net underwriting ratio is estimated at 2.0 percentage points, supported by our retrocession buying. I also want to highlight the continued momentum in Alternative Solutions, where we delivered another strong renewal season driven mostly by our core appetite for capital relief transactions. Looking ahead, we believe SCOR can continue to play on its strengths to capture profitable opportunities.”

January 2026 P&C Reinsurance Renewals

Demand for reinsurance coverage remains elevated. Competition has intensified in the P&C reinsurance market following strong profits and an increase in capital supply. This has driven prices down in most lines, especially on non-proportional placements. Nevertheless, the reinsurance market remained disciplined on structures and Terms and Conditions.

P&C Reinsurance book renewed at 1 January 2026⁽¹⁾:

1. Approximately 2/3 of the P&C Reinsurance book is renewed in January – this represents c.50% of SCOR’s total P&C premiums.
2. P&C Lines include Property, Property Cat, Casualty, Motor, and other related lines (Personal Insurance, Nuclear, Terrorism, Special Risks, Motor Extended Warranty, and Inwards Retrocession).
3. Specialty Lines include Agriculture, Aviation, Credit & Surety, Inherent Defects Insurance, Engineering, Marine and Offshore, Space, and Cyber.

For the remaining renewals in 2026, SCOR is prepared for a continued competitive market and will carry on with its Forward 2026 diversified growth strategy in a disciplined way.

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General

 Figures presented throughout this press release may not add up precisely to the totals in the tables and text. Percentages and percent changes are calculated on complete figures (including decimals); therefore, the press release might contain immaterial differences in sums and percentages due to rounding. Unless otherwise specified, the sources for the business ranking and market positions are internal.

This press release does not constitute an offer to sell or exchange, or a solicitation of an offer to buy SCOR securities in any jurisdiction.

Forward-looking statements

This press release includes forward-looking statements, assumptions, and information about SCOR’s financial condition, results, business, strategy, plans and objectives, including in relation to SCOR’s current or future projects.

These statements are sometimes identified by the use of the future tense or conditional mode, or terms such as “estimate”, “believe”, “anticipate”, “aim”, “expect”, “have the objective”, “intend to”, “plan”, “result in”, “should”, and other similar expressions.

It should be noted that the achievement of these objectives, forward-looking statements, assumptions and information is dependent on circumstances and facts that may or may not arise in the future.

No guarantee can be given regarding the achievement of these forward-looking statements, assumptions and information. These forward-looking statements, assumptions and information are not guarantees of future performance. Forward-looking statements, assumptions and information (including on objectives) may be impacted by known or unknown risks, identified or unidentified uncertainties and other factors that may significantly alter the future results, performance and accomplishments planned or expected by SCOR.

In particular, it should be noted that the full impact of the economic, financial and geopolitical risks on SCOR’s business and results cannot be precisely assessed.

Accordingly, all assessments,  assumptions and  figures presented in this press release will necessarily be estimates based on evolving analyses, and encompass a wide range of theoretical hypotheses, which are highly evolutive.

Information regarding risks and uncertainties that may affect SCOR’s business is set forth in the 2024 Universal Registration Document filed on March 20, 2025, under number D.25-0124 with the French Autorité des marchés financiers (AMF) available on SCOR’s website www.scor.com and on the AMF’s website www.amf-france.org, and the 2025 Half Year Report published on July 31, 2025 available on SCOR’s website www.scor.com.

In addition, such forward-looking statements, assumptions and information are not “profit forecasts” within the meaning of Article 1 of Commission Delegated Regulation (EU) 2019/980.

SCOR  does not undertake and has no obligation or intention  to complete, update, revise or change these forward-looking statements, assumptions and information, whether as a result of new information, future events or otherwise.

Financial information

All figures in this press release are unaudited.

Unless otherwise specified, all figures are presented in Euros.

Any figures for a period subsequent to September 30, 2025 should not be taken as a forecast of the expected financials for these periods.

All figures are at constant exchange rates as of December 31, 2025 unless otherwise specified.

All figures are based on available information as of January 27, 2026 unless otherwise specified.

¹ Estimated Gross Premium Income (EGPI).

Attachment

• SCOR Press Release