AM Best Affirms Credit Ratings of SCOR SE and Main Subsidiaries

AMSTERDAM–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of SCOR SE (SCOR) (France) and its main rated subsidiaries. Additionally, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IR) of debt instruments issued or guaranteed by SCOR. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of companies and ratings.)

The ratings reflect SCOR’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, very favorable business profile and appropriate enterprise risk management.

SCOR’s very strong balance sheet strength is supported by its risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), which is expected to be maintained at the strongest level prospectively. A partially offsetting factor is SCOR’s reliance on soft capital components, which includes hybrid debt, partial credit for life contractual service margin and risk-adjustment, as well as a contingent capital facility. The group benefits from a conservative investment portfolio and a robust retrocession programme designed to shield its capital base, which includes a new whole account stop loss protection for the 2025-2027 period.

SCOR’s consolidated net income for the first nine months of 2025 amounted to EUR 631 million, which represents a strong improvement over 2024, when the group’s results were negatively impacted by an assumption review of its reserving for life and health activities. Property/casualty activities have continued to perform positively, benefiting from strong underwriting and below-budget natural catastrophe losses. AM Best expects prospective performance to remain supportive of the adequate operating performance assessment.

SCOR’s very favorable business profile reflects its prominent position as one of the top global reinsurers, with excellent product and geographic diversifications. The group benefits from its internationally recognized franchise and long-standing client relationships.

The FSR of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) have been affirmed with stable outlooks for the following operating subsidiaries:

• SCOR UK Company Limited
• SCOR Reinsurance Asia-Pacific Pte Ltd
• SCOR Global Life USA Reinsurance Company
• SCOR Global Life Americas Reinsurance Company
• SCOR Global Life Reinsurance Company of Delaware
• SCOR Reinsurance Company
• SCOR Canada Reinsurance Company
• General Security National Insurance Company
• General Security Indemnity Company of Arizona

The following Long-Term IRs have been affirmed with stable outlooks:

SCOR SE—
— “a-” (Excellent) on EUR 500 million 3.625% subordinated notes, due 2048
— “a-” (Excellent) on EUR 600 million 3.00% subordinated notes, due 2046
— “a-” (Excellent) on EUR 250 million 3.25% subordinated notes, due 2047

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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