As the mid-year reinsurance renewals approach, SCOR expects the market environment to remain stable but highly competitive, according to the company CEO Thierry Léger, who also emphasised that underwriting discipline will remain essential to maintain portfolio quality.
Despite a more challenging pricing environment, SCOR is prioritising margin protection. During the April renewals – which accounts for approximately 12% of the company’s P&C portfolio – the firm opted to non-renew underperforming treaties and be more selective in expanding preferred lines.
Léger said: “We continued to focus on our preferred lines of business in line with our strategy to grow profitably and in a diversifying way.
“The April renewals represent around 12% of our insurance portfolio. We prioritised margin protection and implemented targeted portfolio management actions, including the non-renewal or resizing of underperforming businesses.”
Adding: “It led to a reduction in premium income, but allowed us to maintain the quality of our portfolio. Positioning our book for long-term performance. As a result, the technical result deteriorated by less than one percentage points, better than the previous renewals. Looking ahead, we prepare for increased competitive pressure. We will continue to apply underwriting discipline and to focus on our preferred and diversifying lines of business.”
Léger expects the market environment to continue for the mid-year renewals, and noted that SCOR will maintain a conservative growth strategy, prioritising underwriting discipline.
He stated: “We expect the market environment to remain more or less the same. So we don’t expect it to worsen again significantly. So we really think we are now in a very competitive market, where underwriting discipline is required. Our teams cannot do so anymore; just write any business, any line, and it will be fine. We have to make choices.
“As we have demonstrated in April, we did actually decide not to renew a few treaties, and we have been able to grow in a few of our preferred lines. Although I expect that to remain for the May June July renewals, a similar competitive environment in which we will apply underwriting discipline.”
SCOR’s disciplined approach has been reflected in its first quarter 2026 financial results, which saw a net income of €225 million with contributions from all business lines.
P&C insurance revenue reached €1.812 billion, up 5.4% at constant exchange rates compared with the same period in 2025.
The reinsurer said this growth was primarily driven by its Reinsurance segment, supported by “strong” renewals. Year-to-date premium income rose by 2.4% by limiting margin deterioration.
Moreover, the recent April renewal cycle saw a gross price change of -3.5% overall; -7.8% on non-proportional business, driven by Property Cat; -1.4% on proportional business, driven by Marine and Property. Terms & Conditions broadly held, including attachment points.
