SCOR reported EUR 206 million in third-quarter 2026 net income attributable to shareholders, down 4.8% from a year earlier but above the company-compiled consensus of EUR 176 million. Higher natural catastrophe claims and additional reserve buffers weighed on property and casualty results, offsetting stronger investment returns and improved life and health performance. P&C insurance revenue rose 2.3% at constant exchange rates to EUR 1.876 billion, but its insurance service result fell 15% to EUR 216 million and its combined ratio deteriorated to 84.1%. The quarterly natural catastrophe ratio was 9.1%, while the nine-month ratio remained 5.4%, within SCOR's 10% budget. Life and health insurance revenue declined 2.3% at constant exchange rates to EUR 1.881 billion, although its insurance service result rose 21.3% to EUR 119 million, supported by a positive EUR 12 million experience variance within expectations. Group operating results rose 2.5% to EUR 321 million and total insurance revenue increased 1.2% to EUR 3.76 billion. Nine-month net income declined 6.1% to EUR 603 million, while adjusted net income was EUR 615 million. Investment performance improved, with the regular income yield rising to 4.1% and overall return on invested assets reaching 3.7%. Annualised return on equity was 18.9%, or 19.3% excluding the mark-to-market impact of an option on SCOR's own shares. Group Economic Value reached EUR 8.9 billion at Sept. 30 and the estimated solvency ratio rose six percentage points to 221%. Chief Executive Thierry Léger said the strengthened balance sheet would support SCOR as it approaches the final phase of its Forward 2026 strategy. The company is due to host an investor day on Dec. 3, when it plans to unveil its next strategic plan.