Page 1

SCOR The Art & Science of Risk Press Release April 28 , 2021 - N ° 10 First quarter 2021 results SCOR demonstrates its shock - absorbing capacity once again in Q1 2021 In Q1 2021 , SCOR's financial results have been impacted by the unique combination of known and modelled Covid - 19 claims development and a series of large natural catastrophes , driven by a polar vortex causing Texas Winter Storm Uri . Covid - 19 claims are manageable , developing as expected and tracking closely in line with what was previously communicated¹ . In Q1 2021 , Covid - 19 impact stands on the Life side at EUR 162 million² , of which EUR 145 million comes from the U.S. mortality portfolio , and overall has been stable on the P & C side since December 31 , 2020 . The SCOR group continues to grow and to absorb shocks . SCOR records a net income of EUR 45 million in Q1 2021 and delivers a very high solvency of 232 % , which reflects all expected future Covid- 19 impacts and is above the optimal solvency range of 185 % to 220 % defined in " Quantum Leap " . *** ■ ■ ■ ■ ■ Group gross written premiums of EUR 4,125 million in Q1 2021 , are up 5.6 % at constant exchange rates compared with Q1 2020 ( down -0.8 % at current exchange rates ) . SCOR Global P & C gross written premiums are up by a robust 10.3 % at constant exchange rates compared with Q1 2020 ( up 2.9 % at current exchange rates ) . SCOR Global P & C delivers excellent normalized technical profitability in Q1 2021. The net combined ratio stands at 97.1 % , including 12.6 % of natural catastrophes . Normalized for natural catastrophes , the net combined ratio stands at 91.4 % far better than the " Quantum Leap " assumption . SCOR Global Life gross written premiums are up 2.1 % at constant exchange rates compared with Q1 2020 ( down 3.6 % at current exchange rates ) . SCOR Global Life delivers a technical margin of 1.6 % in Q1 2021 , with Covid - 19 claims development standing in line with expectations . SCOR Global Investments seizes opportunities in the fixed income market on the back of a reflation dynamic and delivers a solid return on invested assets of 3.0 % in Q1 2021 driven by EUR 77 million of realized gains . The Group cost ratio , which stands at 4.5 % of gross written premiums , is 10 % better than the " Quantum Leap " assumption of ~ 5.0 % . The Group net income stands at EUR 45 million in Q1 2021. The annualized return on equity ( ROE ) stands at 2.9 % , 247 bps above the risk - free rate³ . The Group generates high operating cash flows of EUR 514 million in Q1 2021. The Group's total liquidity is very strong , standing at EUR 3.3 billion at March 31 , 2021 . The Group shareholders ' equity stands at EUR 6,277 million as at March 31 , 2021 , up by EUR 100 million compared with December 31 , 2020. This results in a book value per share of EUR 33.61 , compared to EUR 33.01 as at December 31 , 2020 . 1 Please refer to the FY 2020 results press release published on February 24 , 2021 2 Net of reduced flu claims in the U.S. , net of retrocession and before tax , including IBNR 3 Based on a 5 - year rolling average of 5 - year risk - free rates ( 45 bps in Q1 2021 ) SCOR SE 5 , Avenue Kléber 75795 Paris Cedex 16 , France Tél +33 ( 0 ) 1 58 44 70 00 RCS Paris B 562 033 357 Siret 562 033 357 00046 Société Européenne au capital De 1 470 867 636,23 euros Page | 1