Scor S/Adr (SCRYY) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, ladies and gentlemen, and welcome to the SCORE First Quarter 2026 Results Conference Call. Today's call is being recorded. There will be an opportunity to ask questions after the presentation by pressing star and one on your telephone keypad. In order to give all participants a chance to ask questions, we kindly ask you to limit the number of your questions to two. At this time, I would now like to hand the call to Mr. Thomas Fossard. Please go ahead, sir. Good afternoon, and welcome to the SCORE Q1 2026 Results Conference Call. I'm joined on the call today by Thierry Léger, Group CEO, and Philippe Prudeux, Group CFO, as well as other COMEX members. Can I please ask you to consider the disclaimer on page two of the presentation? And now, I would like to hand over to Thierry. Thank you, Thomas. Good afternoon, everyone. Thanks for joining us today. I'm glad to announce a strong start to 2026 with continued and disciplined delivery at all levels. The group net income reached 220 million euros in Q1, corresponding to an annualized return on equity of 21.1%. The solvency ratio increased by 5 percentage points to 220%, driven by strong underlying operating capital generation. All our three businesses contributed to the solid performance. I would like to point out explicitly that this was achieved including additional opportunistic buffer building of 300 million euros and precautionary, means 100% ID&R base, reserving for the Middle East conflict. The impact of the conflict in the Middle East is twofold. One is the direct impact on our business. As mentioned during the Q4 earnings calls, War risk is systematically excluded from standard insurance treaties. It is one of the very few exclusions that is truly universal regardless of market cycles or conditions...