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January 2025 P&C Renewals Results 4 February 2025 Sustained growth in preferred lines coupled with attractive margins Jean-Paul Conoscente, P&C CEO
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2 General Numbers presented throughout this document may not add up precisely to the totals in the tables and text. Percentages and percent changes are calculated on complete figures (including decimals); therefore the document might contain immaterial differences in sums and percentages due to rounding. Unless otherwise specified, the sources for the business ranking and market positions are internal. Forward-looking statements This document includes forward-looking statements, assumptions, and information about SCOR’s financial condition, results, business, strategy, plans and objectives, including in relation to SCOR’s current or future projects. These statements are sometimes identified by the use of the future tense or conditional mode, or terms such as “estimate”, “believe”, “anticipate”, “expect”, “have the objective”, “intend to”, “plan”, “result in”, “should”, and other similar expressions. It should be noted that the achievement of these objectives, forward-looking statements, assumptions and information is dependent on circumstances and facts that may or may not arise in the future. No guarantee can be given regarding the achievement of these forward-looking statements, assumptions and information. These forward-looking statements, assumptions and information are not guarantees of future performance. Forward-looking statements, assumptions and information (including on objectives) may be impacted by known or unknown risks, identified or unidentified uncertainties and other factors that may significantly alter the future results, performance and accomplishments planned or expected by SCOR. In particular, it should be noted that the full impact of the economical and geopolitical risks on SCOR’s business and results cannot be accurately assessed. Therefore, any assessments, any assumptions and, more generally, any figures presented in this document will necessarily be estimates based on evolving analyses, and encompass a wide range of theoretical hypotheses, which are highly evolutive. Information regarding risks and uncertainties that may affect SCOR’s business is set forth in the 2023 Universal Registration Document filed on March 20, 2024, under number D.24-0142 with the French Autorité des marchés financiers (AMF) posted on SCOR’s website www.scor.com. In addition, such forward-looking statements, assumptions and information are not “profit forecasts” within the meaning of Article 1 of Commission Delegated Regulation (EU) 2019/980. SCOR has no intention and does not undertake to complete, update, revise or change these forward-looking statements and information, whether as a result of new information, future events or otherwise. Financial information All figures in this document are unaudited unless otherwise specified. Unless otherwise specified, all figures are presented in Euros. Any figures for a period subsequent to September, 30, 2024, should not be taken as a forecast of the expected financials for these periods. All figures are at constant exchange rates as of December 31, 2024, unless otherwise specified. All figures are based on available information as of January 25, 2025, unless otherwise specified. Disclaimers
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3 Key takeaways Unchanged prudent approach to business exposed to climate change and US Casualty Stable net technical margin at 1.1.2025, benefitting from dynamic retrocession buying +9.6% EGPI growth at 1.1, bolstered by sustained growth in diversifying Specialty lines and Alternative Solutions Pricing remains at attractive levels despite a slight decline from the peak of the cycle Strong underwriting discipline keeps T&Cs and attachment points mostly stable at 1.1.2025
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4 Delivering on the Forward 2026 strategic growth objectives Including SCOR’s 3rd party capital provision business at Lloyd’s (“SUL”) and MGA. EGPI change at 1.1 renewals (in EUR m) Focused growth on diversifying lines +8.1% EGPI on Engineering, IDI, Marine and International Casualty, in line with the 8% p.a. strategic plan ambition (+17.2% excluding International Casualty) Sizable development of Alternative Solutions Sustained Alternative Solutions momentum driving 29.6% EGPI growth, after near doubling of premiums in 2024 544 705 Up for renewal 2025 2025 premium renewed P&C Lines Specialty Lines Alternative Solutions 4,805 5,265 2,719 1,542 2,798 1,762 +9.6%
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Treaty Price change +0.1% price change overall: -0.8% on non-proportional +0.5% on proportional 5 Stable technical profitability through active portfolio management and dynamic retrocession buying Net underwriting ratio change at 1.1 renewals (excluding Alternative Solutions) Retrocession Dynamic retrocession buying, leveraging market conditions to optimize the retro structure and reduce costs, offsetting inward business margin erosion Terms and Conditions broadly stable, with active portfolio management Disciplined underwriting stable Net UW Ratio Jan-24 Inward profitability Retrocession Net UW Ratio Jan-25
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6 Successful renewals bolstered by preferred lines Alternative Solutions Continued strong client demand, with established expertise and market recognition Solvency relief opportunities in all regions Diversifying Lines Strong growth in IDI and Engineering, leveraging Tier 1 franchise and leading positions Good rate adequacy, despite increased capacity in the market Property Cat Unchanged prudent approach to climate change-sensitive perils T&Cs remain mostly stable, with a -4.5% risk-adjusted price decrease US Casualty Further exposure reduction, positively impacting margins Price increases continue to lag loss trends, despite primary rate increases and improved reinsurance commissions +29.6% EGPI +8.1% EGPI +0.3% EGPI -11.0% EGPI Changes compared to 1 January 2024 EGPI
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7 Positive outlook for 2025 Growing capacity through risk partnerships 17% growth in capacity1) YTD in 2025, including two new relationships On track to reach 50% capacity growth target by 2026 Sustained demand for Alternative Solutions Strong pipeline from clients looking to optimize risk structure Wide range of structured solutions for cedants, allowing for broader risk diversification Discipline and adequate prices Slightly more competitive market conditions compared to the peak of the cycle (over the last two years) Disciplined underwriting and risk- adequate prices anticipated for the rest of 2025 1) Bound or committed
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8 Continue to deliver on the Forward 2026 ambitions and targets, building on the strong momentum achieved during 2025 January renewals1 Continue to leverage SCOR’s Tier 1 franchise in favorable market conditions, to further diversify, reduce volatility, and build a resilient book Maintain engagement with clients to develop solutions that address their needs in the evolving risk landscape, through strategic partnerships and innovation Moving Forward
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January 2025 P&C Renewals Results 4 February 2025 Appendix
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10 c. 2/3 of SCOR’s P&C Reinsurance premiums renewed at 1.1 78% 87% 55% 45% 37% 22% 13% 45% 55% 63% LATAMNorth America Rest of the year renewals Reinsurance renewals seasonality January renewals North, Central & Eastern Europe Western Europe, Middle East, Africa APAC 1) At FX of 30/9/2024; 2) The segmentation of Reinsurance and SCOR Business Solutions (SBS) has been adjusted following the reorganization announced in April 2024. “Portfolio” (MGAs) is now allocated to Reinsurance. SBS renewals are spread out throughout the year Estimated 2024 UW Year premiums1) 2.2 7.5 of which 64% renews at 1/1 (EUR 4.8bn) In EUR billions Reinsurance2) SBS 9.7
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11 433 291 4,805 Up for renewal 2025 -263 Portfolio management Volume & rates New Business 5,265 2025 premium renewed +9.6% Reinsurance EGPI grows 9.6% at 1.1 renewals 1) Restated for FX, and adjusted for premium revisions and scope related to changes in the P&C organization during 2024 1 In EUR million
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12 Evolution of EGPI breakdown for renewable business at 1.1 EGPI by geographyEGPI by lineEGPI by structure 71% 29% 2024 Up for renewal 2025 Renewed Non-Proportional Proportional 74% 26% 32% 24% 33% 11% Specialty Lines (ex. AS) Casualty & Motor Property & Property Cat Alternative Solutions 33% 22% 31% 13% Northern, Central, Eastern Europe Western Europe, Middle East, Africa North America APAC LATAM 30% 24% 30% 10% 5% 29% 25% 29% 11% 5% 2024 Up for renewal 2025 Renewed 2024 Up for renewal 2025 Renewed
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13 • Portfolio management: client or SCOR decided to cancel the business/programs and/or to change their programs (e.g., from Proportional to Non-Proportional) • EGPI: Estimated Gross Premium Income, Underwriting Year • LatAm: Latin America and Caribbean • LoB: Line of Business • Price change: “price change” defined as movement in price per unit of exposure and adjusted for structure change and share change. By definition, changes in commissions are not considered as price changes. All percentages based on weighted averages per segment and overall on premium volume • Reinsurance P&C Lines: Property, Property Cat, Casualty, Motor, and other related lines (Personal Insurance, Nuclear, Terrorism, Special Risks, Motor Extended Warranty, and Inwards Retrocession) • Reinsurance Specialty Lines: Agriculture, Aviation, Credit & Surety, Decennial, Engineering, Marine and Offshore, Space, Cyber • Underwriting Ratio: on an underwriting year basis, the sum of the loss ratio and the external charges ratio (cedant's commission and brokerage ratios) Definitions