Scor S/Adr (SCRYY) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, ladies and gentlemen, and welcome to the SCORE Second Quarter 2026 Results Conference Call. Today's call is being recorded. There will be an opportunity to ask questions after the presentation. 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, everyone, and welcome to SCORE Q2 2036 Results Conference Call. I'm joined on the call today by Thierry Léger, Group CEO, and Philippe Rudeux, Group CFO, as well by the other COMEX member. 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. Hello, everyone, and thanks for joining us today. We are pleased to report the strong and clean set of results in the second quarter and for the first six months of the year. Group net income reached €409 million in the first half, corresponding to an annualized return on equity of 19%. Our balance sheet resilience has grown with a solvency ratio of 220% up five points compared to the year end 2025. The underlying capital generation is in line with our 2026 guidance, reflecting the solid performance of all our activities. We also had some additional positives during the first half, including the benign cat activity and further ALM refinements. These allowed us to add resilience to the balance sheet and lower our debt leverage. Turning to our three businesses, P&C continued its strong performance, delivering a combined ratio of below 80% in the first half. This is supported by a relatively benign catactivity and an excellent attritional loss ratio, demonstrating the quality of our well-diversified P&C po...