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EUR 217 million net income in Q3 2025 Q3 2025 results 31 October 2025 All content published by the SCOR group since January 1, 2024, is certified with Wiztrust. You can check the authenticity of this content at wiztrust.com.
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2 2 General Figures presented throughout this presentation 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, this presentation 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. This presentation does not constitute an offer to sell or exchange, or a solicitation of an offer to buy SCOR securities in any jurisdiction. This presentation should not be transmitted, forwarded or shared by any means in any jurisdiction in which it is unlawful or prohibited to do so. Forward-looking statements This presentation 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 may be identified by the use of the future tense or conditional mode, or terms such as “estimate”, “believe”, “anticipate”, “aim”, “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 impact the future results, performance and accomplishments planned or expected by SCOR. In particular, it should be noted that the full impact of economic, financial and geopolitical risks on SCOR’s business and results cannot be precisely assessed. Therefore, any assessments, any assumptions and, more generally, any figures presented in this presentation 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 2024 Universal Registration Document filed on March 20, 2025, under number D.25-0124 with the French Autorité des marchés financiers (AMF) available on SCOR’s website www.scor.com and on the website of the AMF www.amf-france.org, and the 2025 Half Year Report published on July 31, 2025 available 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 does not undertake and has no obligation nor intention to complete, update, revise or change these forward-looking statements, assumptions and information, whether as a result of new information, future events or otherwise. Financial information The Group’s financial information contained in this presentation is prepared on the basis of IFRS and interpretations issued and approved by the European Union. Unless otherwise specified, prior-year balance sheet, income statement items and ratios have not been reclassified. The calculation of financial ratios (such as return on invested assets, regular income yield, return on equity and combined ratio) is detailed in the appendices of the presentation related to the financial results for the third quarter of 2025. The financial results for the third quarter of 2025 included in this presentation have not been audited by SCOR’s statutory auditors. Unless otherwise specified, all figures are presented in Euros. Any financial data or figures relating to periods after September 30, 2025, are not to be construed as forecasts or projections of future financial performance. Disclaimers
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3 2025 YTD Performance 3–6 Q3 2025 results 7–17 Appendix 18–53 Agenda
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4 4 1. Excluding the mark to market impact of the option on own shares. Net income of EUR 642m and RoE of 19.9% taking into account the mark to market impact of the fair value of the option on own shares. 2. Annualized. 3. Includes the CSM on new treaties and change in CSM on existing treaties due to new business (i.e. new business on existing contracts). 4. Insurance Service Result includes revenues on financial contracts reported under IFRS 9. 5. In 9M 2025, fair value through income on invested assets excludes EUR 15m pre-tax related to the option on own shares granted to SCOR. 9M 2025 results P&C EUR 1,104 million New business CSM +4% vs 9M 2024 EUR 334 million ISR4 EUR -467 million in 9M 2024 EUR 294 million New business CSM3 -21.1% vs 9M 2024 Investments 3.5% Return on invested assets5 3.5% Regular income yield L&H Management expenses EUR 921 million Adjusted return on equity1,2 19.5% Adjusted net income1 EUR 631 million Insurance revenue EUR 11.6 billion EUR 701 million ISR +29% vs 9M 2024 82.8% Combined ratio -4.6pts vs 9M 2024
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5 Solvency ratio Annualized return on equity2 YE 2024 9M 2025 at constant economics1 9M 2025 8.6 9.4 8.5 9M 2025 Annualized Forward 2026 assumption 19.5% >12% 1. Growth at constant economic assumptions (i.e. adjusted for interest rate changes and FX impacts on shareholders’ equity and CSM) as at 31 December 2024 and excluding the mark to market impact of the option on own shares. The starting point is adjusted for the payment of dividend of EUR 1.80 per share (EUR 322 million in total) for the fiscal year 2024, paid on 6 May 2025. 2. Excluding the mark to market impact of the option on own shares. Strong Group performance Economic Value EUR bn 9M 2025 Optimal range 210% 185% - 220%
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6 Delivering in all three business activities in 9M 2025 Regular income yieldInsurance service result1Combined ratio (EUR m) 1. Includes revenues on financial contracts reported under IFRS 9. 9M 2025 Forward 2026 assumption 82.8% < 87% 334 9M 2025 Forward 2026 assumption ∼0.4bn p.a. 9M 2025 2025 assumption 3.5% 3.3% - 3.7% P&C L&H Investments
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7 2025 YTD performance 3–6 Q3 2025 results 7–17 Appendix 18–53 Agenda
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8 Key messages P&C: 80.9% COR with low Nat Cat ratio and continued buffer building strategy Investments: Return on invested assets of 3.3% and continued attractive reinvestment rate Adjusted net income of EUR 211m1 and RoE of 21.5%1 for the third quarter of 2025 210% solvency ratio, with seasonally low P&C new business in Q3 and regular dividend accrual L&H: Insurance service result of EUR 98m in Q3, 9M experience variance in line with expectations 1. Excluding the mark to market impact of the option on own shares. Net income of EUR 217m and RoE of 22.1% taking into account the mark to market impact of the fair value of the option on own shares. 2. At constant economic assumptions (i.e. adjusted for interest rate and FX impacts on shareholders’ equity and CSM) as at 31 December 2024 and excluding the mark to market impact of the option on own shares. SCOR maintains its successful P&C strategy and underwriting discipline in a competitive environment Economic Value of EUR 8.5bn, +12.7%2 vs YE 2024, driven by P&C economic performance and investments
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9 9 1. Excluding the mark to market impact of the option on own shares. Net income of EUR 217m and RoE of 22.1% taking into account the mark to market impact of the fair value of the option on own shares. 2. Annualized. 3. Includes the CSM on new treaties and change in CSM on existing treaties due to new business (i.e. new business on existing contracts). 4. Insurance Service Result includes revenues on financial contracts reported under IFRS 9. 5. In Q3 2025, fair value through income on invested assets excludes EUR 8m pre-tax related to the option on own shares granted to SCOR. Q3 2025 results P&C EUR 170 million New business CSM -3% vs Q3 2024 EUR 98 million ISR4 EUR -210 million in Q3 2024 EUR 82 million New business CSM3 -29% vs Q3 2024 Investments 3.3% Return on invested assets5 3.5% Regular income yield L&H Management expenses EUR 307 million Adjusted return on equity1,2 21.5% Adjusted net income1 EUR 211 million Insurance revenue EUR 3.7 billion EUR 255 million ISR +60% vs Q3 2024 80.9% Combined ratio -7.5pts vs Q3 2024
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10 P&C new business CSM EUR m, net of retrocession P&C: Strategic growth in preferred lines +3.1% -1.6%Insurance revenue growth 1,336 505 Q3 2024 522 Q3 2025 constant FX 1,317 496 Q3 2025 current FX Reinsurance SBS1 1,842 1,899 1,813 1,377 175 170 Q3 2024 Q3 2025 9M 2024 9M 2025 1,067 1,104 +4% P&C insurance revenue EUR m, gross of retrocession Insurance revenue in Q3 2025 at constant FX mainly reflects: • Growth in Reinsurance, mostly driven by Alternative solutions and specialty lines • Growth in SBS, mostly driven by Alternative solutions as well as SBS Syndicate, partly offset by reduction in Property • Q3 2025 new business CSM, including an adverse FX effect of EUR -10m • 9M 2025 new business CSM reflecting successful P&C strategy to grow into profitable and diversifying lines of business. New business CSM growth mainly driven by volume with broadly unchanged net margin contribution 1. SCOR Business Solutions. +3% +3%
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11 P&C combined ratio in % P&C: Excellent COR driven by low Nat Cat losses P&C insurance service result EUR m 6.7% 13.2% -0.4% 76.5% -7.7% Q3 2024 8.2% 2.7% -0.9% 79.2% -8.4% Q3 2025 88.3% 80.9% Attributable expense Nat Cat ratio Effect of onerous contracts Attritional loss and commission ratio Discount effect 1 255 CSM amortization RA release Experience variance and others Impact of onerous contracts Q3 2025 Insurance service result 267 32 -53 9 1. Excluding the discounting effect on claims. • Nat Cat ratio of 2.7%, reflecting a benign quarter with low Cat activity and translating into a 9M cat ratio of 6.4% • Attritional loss ratio impacted by man-made losses, but still allowing for additional buffer building • Attributable expenses ratio of 8.2%, 1.5 pts higher than that of Q3 2024 driven by a lower insurance revenue (FX related) • Experience variance and others mainly reflecting man-made losses and additional buffer building, partly offset by favorable Nat Cat
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12 IFRS 17 L&H new business CSM1 EUR m, net of retrocession L&H: 9M new business CSM and ISR in line with expectations Q3 2025 L&H insurance service result2 EUR m 116 82 294 Q3 2024 Q3 2025 9M 2025 1. Includes the CSM on new treaties and change in CSM on existing treaties due to new business (i.e. new business on existing contracts). 2. Includes revenues on financial contracts reported under IFRS 9. • New business CSM of EUR 82 million for Q3 2025, driven by Protection and Financial Solutions • 9M 2025 new business CSM in line with the Forward 2026 guidance of EUR ~0.4bn p.a. • CSM amortization higher than expected. 9M annualized CSM amortization rate of 7.0% excluding one-offs and FX impacts • 9M ISR and experience variance both in line with expectations • Impact of onerous contracts partly driven by an increase in the risk adjustment and other reserve movements 98 CSM amortization RA release Experience variance and others Impact of onerous contracts Revenues on financial contracts Insurance service result 92 30 -6 -20 2
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13 Total invested assets as at 30 September 2025 in %, unrounded Investments: Regular income yield of 3.5%, reinvestment rate of 4.0% 1. Listed equity close to 0%; private equity included in Others. 2. In Q3 2025, fair value through income on invested assets excludes EUR 8m pre-tax related to the option on own shares granted to SCOR. 3. Reinvestment rate is based on Q3 2025 asset allocation of yielding asset classes (fixed income, loans and real estate), according to current reinvestment duration assumptions. Yield curves & Spreads as at 30 September 2025. 4. As at 30 September 2025. Include current cash balances and future coupons and redemptions. EUR 23.4bn o/w Fixed income 79% Covered bonds & agency MBS 7% Corporate bonds 44% Structured & securitized products 2% Loans 5% Real estate 3% Government bonds & assimilated 25% Short-term investments 1% Others 6% Cash 7% Liquidity 8% Equity 0% 1 EUR 23.4 billion invested assets (EUR -0.8bn versus Q4 2024 driven by FX) as at 30 September 2025 EUR 190 million investment income2 on invested assets in Q3 2025 Regular income yield of 3.5%, stable versus Q3 2024 Return on invested assets of 3.3%2, c. -70 bps versus Q3 2024 Reinvestment rate3 of 4.0% as at 30 September 2025 Very high-quality fixed income portfolio (A+ average rating) with a duration of 3.9 years Highly liquid invested assets portfolio, with financial cash flows4 of EUR 8.8 billion expected over the next 24 months
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14 Liquidity of EUR 2.2 billion EUR m Q3 2025 Q3 2024 9M 2025 9M 2024 Cash and cash equivalents opening 2,097 1,626 2,391 1,854 Net cash flows from operations: 459 420 1,005 706 P&C 466 416 938 806 L&H -7 4 67 -100 Net cash flows used in investment activities1 -582 -142 -863 -244 Net cash flows used in financing activities2 110 -72 -362 -480 Effect of changes in foreign exchange rates -34 -8 -123 -12 Total cash flow -48 198 -342 -31 Cash and cash equivalentsat 30 September 2,049 1,824 2,049 1,824 Short-term investments 143 123 143 123 Total liquidity3 2,193 1,947 2,193 1,947 Operating cash flows of EUR 1.0 bn in 9M 2025, reflecting • Positive P&C operating cash flows, with strong inflows of premium and lower large claims payments • Positive L&H operating cash flows, improving from last year Strong Group liquidity of EUR 2.2 billion at end of September 2025 1. Investment activities are the acquisition and disposal of assets and other investments not included in cash equivalents. They predominantly include net purchases / disposals of investments; see page 30 for details. 2. Financing activities are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity. They predominantly include increases in capital, dividends paid by SCOR SE, and cash generated by the issuance or reimbursement of financial debt. 3. Of which cash and cash equivalents from third parties of EUR 240m. Please refer to page 52 for additional details on 3rd party gross invested Assets as at 30 September 2025.
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15 9M 2025 Economic Value evolution EUR bn Economic Value up 12.7% at constant economicsin 9M 2025 • Strong growth in EV1 mainly driven by P&C and Investment performance • Unfavorable market variances driven by FX 1. Growth at constant economic assumptions as at 31 December 2024 and excluding the mark to market impact of the option on own shares. The starting point is adjusted for the dividend of EUR 1.80 per share (EUR 322 million in total) for the fiscal year 2024, paid on 6 May 2025. 2. 25% notional tax rate applied on CSM. 3. Includes IFIE. CSM net of tax 2 IFRS 17 shareholders ’ equity 4.5 YE 2024 EV 2024 dividend paid 4.1 4.2 YE 2024 EV adjusted for dividend Business impact Investment performance3 Taxes and other Q3 2025 EV 4.3 4.2 Market variances Q3 2025 EV at constant economics 4.8 4.5 8.6 -0.3 8.3 1.1 0.4 -0.5 9.3 -0.8 8.5 4.1 +12.7%1
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16 1. 25% notional tax rate applied on CSM. 2. The leverage ratio is calculated as the percentage of subordinated debt compared to the sum of Economic Value and subordinated debt in IFRS 17. The calculation excludes accrued interest and includes the effects of swaps related to some subordinated debt issuances. Economic Value1 and debt EUR bn (unless stated otherwise) YE 2024 Q3 2025 Economic Value1 8.6 8.5 Subordinated debt 2.9 3.0 Financial leverage2 24.5% 25.7% Economic Value per share EUR 48 EUR 48 YE 2024 Q3 2025 2.9 8.6 3.0 8.5 Subordinated debt Economic Value EUR bn Economic Value per share at EUR 48 as at 30 September 2025
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17 Investor Relations contacts and upcoming events Upcoming SCOR events SCOR attendance at investor conferences Investor relations contacts investorrelations@scor.com Cyril Durand Investor Relations Manager cdurand@scor.com + 33 6 87 86 75 50 Thomas Fossard Head of Investor Relations tfossard@scor.com +33 6 07 11 78 49 Omar El Jal Investor Relations Analyst oeljal@scor.com +33 6 76 10 30 88 UBS European Conference 12 November 2025 Q4 2025 results 4 March 2026 J.P. Morgan European Financials Conference 21 November 2025 ODDO BHF Forum 8 January 2026 Q1 2026 results 6 May 2026 Citi European Insurance Conference 15 January 2026
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18 Agenda 2025 YTD performance 3–6 Q3 2025 results 7–17 Appendix 18–54
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19 Appendix P&LA Balance sheet & cash flowB Calculation of EPS, book value per share and RoEC ExpensesD P&CE DebtG Rating evolutionH Listing informationI GlossaryJ InvestmentsF
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20 EUR m (rounded) Q3 2025 Q3 2024 Variation at current FX Variation at constant FX Gross written premiums 4,571 4,985 -8.3% -3.9% Insurance revenue 3,713 3,944 -5.8% -1.3% Net insurance revenue 2,913 2,884 1.0% Insurance service result 353 -51 n.a. Net income1 211 -117 n.a. Management expenses -307 -291 -5.3% Investment income on invested assets 190 229 -17.0% Return on invested assets 3.3% 4.0% -0.7 pts Annualized RoE1 21.5% -10.3% 31.8 pts Shareholders’ equity 4,335 4,322 0.3% Economic Value 8,536 8,399 1.6% Economic Value growth n.a. n.a. n.a. Economic Value per share (EUR) 48.12 46.80 2.8% Operating cash flow 459 420 9.3% New business CSM 170 175 -3.2% Gross written premiums 2,328 2,495 -6.7% -2.3% Insurance revenue 1,813 1,842 -1.6% -1.3% Combined ratio 80.9% 88.3% -7.5 pts New business CSM2 82 116 -28.7% Gross written premiums 2,243 2,490 -9.9% -5.6% Insurance revenue 1,900 2,102 -9.6% -5.2% Insurance service result3 98 -210 n.a. GroupP&CL&H 1. Excluding the mark to market impact of the option on own shares. Q3 2025 net income of EUR 217m and RoE of 22.1% taking into account the mark to market impact of the fair value of the option on own shares. 2. Includes the CSM on new treaties and change in CSM on existing treaties due to new business (i.e. new business on existing contracts). 3. Including revenues associated with financial reinsurance contracts. Appendix A: Financial details, Q3 2025
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21 EUR m (rounded) 9M 2025 9M 2024 Variation at current FX Variation at constant FX Gross written premiums 14,140 15,015 -5.8% -3.9% Insurance revenue 11,596 12,142 -4.5% -2.7% Net insurance revenue 9,097 9,412 -3.3% Insurance service result 1,035 75 n.a. Net income1 631 -224 n.a. Management expenses -921 -903 -1.9% Investment income on invested assets 626 605 3.4% Return on invested assets 3.5% 3.5% 0.0 pts Annualized RoE1 19.5% -6.6% 26.1 pts Shareholders’ equity 4,335 4,322 0.3% Economic Value 8,536 8,399 1.6% Economic Value growth 12.7% -7.0% n.a. Economic Value per share (EUR) 48.12 46.80 2.8% Operating cash flow 1,005 706 42.3% New business CSM 1,104 1,067 3.5% Gross written premiums 7,087 7,360 -3.7% -1.8% Insurance revenue 5,504 5,710 -3.6% -1.6% Combined ratio 82.8% 87.4% -4.6 pts New business CSM2 294 373 -21.1% Gross written premiums 7,053 7,654 -7.9% -6.0% Insurance revenue 6,091 6,432 -5.3% -3.8% Insurance service result3 334 -467 n.a. GroupP&CL&H 1. Excluding the mark to market impact of the option on own shares. 9M 2025 net income of EUR 642m and RoE of 19.9% taking into account the mark to market impact of the fair value of the option on own shares. 2. Includes the CSM on new treaties and change in CSM on existing treaties due to new business (i.e. new business on existing contracts). 3. Including revenues associated with financial reinsurance contracts. Appendix A: Financial details, 9M 2025
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22 EUR m (rounded) Q3 2025 Q3 2024 Insurance revenue 3,713 3,944 Insurance service expenses -3,139 -3,574 Gross insurance service result 574 370 Ceded insurance revenue -800 -1,060 Ceded insurance service expenses 576 636 Ceded insurance service result (reinsurance result) -223 -423 Net revenues associated with financial reinsurance contracts 2 2 Insurance service result incl. revenues associated with financial reinsurance contracts 353 -51 Insurance finance income and expenses -108 -113 Other income and expenses 14 5 Investment income1 224 269 Interest revenue financial assets not measured FVTPL 195 209 Other investment revenue 42 66 Net impairment losses -12 -6 Share attributable to third party interests in consolidated funds -25 -34 Investment management expenses -17 -17 Other non-attributable expenses -126 -110 Other operating income and expenses -2 -1 Operating results before impact of acquisitions 313 -53 Acquisition-related expenses 0 0 Gain on bargain purchase 0 0 Operating results 313 -53 Financing expenses -32 -26 Share in results of associates 0 -1 Corporate income tax -64 -35 Consolidated net income1 217 -115 of which non-controlling interests 0 1 Consolidated net income1, Group share 217 -117 Appendix A: Consolidated statement of income, Q3 2025 1. Taking into account the mark to market impact of the option on own shares. Q3 2025 impact of EUR 8 million before tax.
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23 EUR m (rounded) 9M 2025 9M 2024 Insurance revenue 11,596 12,142 Insurance service expenses -9,903 -11,403 Gross insurance service result 1,693 739 Ceded insurance revenue -2,498 -2,730 Ceded insurance service expenses 1,832 2,058 Ceded insurance service result (reinsurance result) -666 -672 Net revenues associated with financial reinsurance contracts 9 7 Insurance service result incl. revenues associated with financial reinsurance contracts 1,035 75 Insurance finance income and expenses -340 -284 Other income and expenses 38 6 Investment income1 704 681 Interest revenue financial assets not measured FVTPL 603 619 Other investment revenue 131 110 Net impairment losses -30 -49 Share attributable to third party interests in consolidated funds -68 -88 Investment management expenses -59 -50 Other non-attributable expenses -325 -331 Other operating income and expenses -8 -2 Operating results before impact of acquisitions 978 7 Acquisition-related expenses 0 0 Gain on bargain purchase 0 0 Operating results 978 7 Financing expenses -98 -80 Share in results of associates 0 -4 Corporate income tax -238 -152 Consolidated net income1 642 -228 of which non-controlling interests 0 0 Consolidated net income1, Group share 642 -229 Appendix A: Consolidated statement of income, 9M 2025 1. Taking into account the mark to market impact of the option on own shares. 9M 2025 impact of EUR 15 million before tax.
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24 Q3 2025 Q3 2024 EUR m (rounded) L&H P&C Total L&H P&C Total Gross insurance revenue 1,900 1,813 3,713 2,102 1,842 3,944 Gross insurance service expense -1,814 -1,325 -3,139 -2,133 -1,441 -3,574 Gross insurance service result 86 488 574 -31 401 370 Ceded insurance revenue -318 -482 -800 -575 -484 -1,060 Ceded insurance service expense 327 249 576 394 242 636 Ceded insurance service result (reinsurance result) 10 -233 -223 -181 -242 -423 Net revenues associated with financial reinsurance contracts 2 0 2 2 0 2 Insurance service result incl. revenues associated with financial reinsurance contracts 98 255 353 -210 159 -51 Insurance finance income and expenses 1 -110 -108 7 -120 -113 Other income and expenses 14 5 Investment income1 224 269 Share attributable to third party interests in consolidated funds -25 -34 Investment management expenses -17 -17 Other non-attributable expenses -126 -110 Other operating income and expenses -2 -1 Operating results before impact of acquisitions 313 -53 Appendix A: Consolidated operating results by segment, Q3 2025 1. Taking into account the mark to market impact of the option on own shares. Q3 2025 impact of EUR 8 million before tax.
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25 9M 2025 9M 2024 EUR m (rounded) L&H P&C Total L&H P&C Total Gross insurance revenue 6,091 5,504 11,596 6,432 5,710 12,142 Gross insurance service expense -5,785 -4,118 -9,903 -6,836 -4,567 -11,403 Gross insurance service result 306 1,387 1,693 -404 1,143 739 Ceded insurance revenue -1,070 -1,428 -2,498 -1,316 -1,414 -2,730 Ceded insurance service expense 1,090 743 1,832 1,246 812 2,058 Ceded insurance service result (reinsurance result) 20 -686 -666 -70 -601 -672 Net revenues associated with financial reinsurance contracts 9 0 9 7 0 7 Insurance service result incl. revenues associated with financial reinsurance contracts 334 701 1,035 -467 542 75 Insurance finance income and expenses 4 -344 -340 15 -299 -284 Other income and expenses 38 6 Investment income1 704 681 Share attributable to third party interests in consolidated funds -68 -88 Investment management expenses -59 -50 Other non-attributable expenses -325 -331 Other operating income and expenses -8 -2 Operating results before impact of acquisitions 978 7 Appendix A: Consolidated operating results by segment, 9M 2025 1. Taking into account the mark to market impact of the option on own shares. 9M 2025 impact of EUR 15 million before tax.
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26 EUR m (rounded) Q3 2025 YE 2024 Goodwill arising from insurance activities 802 802 Goodwill arising from non-insurance activities 82 82 Insurance business investments 23,961 24,283 Real estate investments 695 692 Investments at fair value through other comprehensive income 19,646 19,964 Investments at fair value through profit and loss 1,457 1,452 Investments at amortized cost 1,877 1,973 Derivative instruments 285 202 Investments in associates 2 2 Insurance contract assets (assumed business) 2,242 2,544 Reinsurance contracts assets (retrocession) 3,752 4,281 Other assets 2,447 2,963 Deferred tax assets 881 1,141 Taxes receivable 127 276 Miscellaneous assets1 1,435 1,542 Deposits 4 6 Cash and cash equivalents 2,049 2,391 Total assets 35,335 37,348 Appendix B: Consolidated balance sheet – Assets 1. Include other intangible assets, tangible assets and other assets.
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27 EUR m (rounded) Q3 2025 YE 2024 Group shareholders’ equity 4,335 4,524 Non-controlling interest 0 0 Total shareholders’ equity 4,335 4,524 Financial debt 3,641 3,558 Subordinated debt 3,022 2,947 Real estate financing 457 464 Other financial debt 163 147 Employee benefits and other provisions 73 76 Insurance contract liabilities (assumed business) 21,546 23,114 Reinsurance contracts liabilities (retrocession) 2,122 2,430 Investment and financial contract liabilities 0 0 Other liabilities 3,618 3,645 Derivative instruments 109 75 Deferred tax liabilities 511 535 Taxes payable 152 275 Miscellaneous liabilities 788 629 Third party interests in consolidated funds 2,059 2,131 Total shareholders’ equity & liabilities 35,335 37,348 Appendix B: Consolidated balance sheet – Liabilities & shareholders’ equity
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28 EUR m (rounded) Q3 2025 Q3 2024 Cash and cash equivalents at the beginning of the period 2,097 1,626 Net cash flows in respect of operations 459 420 Cash flow in respect of changes in scope of consolidation 0 -38 Cash flow in respect of acquisitions and sale of financial assets -573 -95 Cash flow in respect of acquisitions and disposals of tangible and intangible fixed assets -9 -8 Net cash flows in respect of investing activities -582 -142 Transactions on treasury shares and issuance of equity instruments -24 -3 Dividends paid 0 0 Cash flows in respect of shareholder transactions -24 -3 Cash related to issue or reimbursement of financial debt 179 -14 Interest paid on financial debt -18 -30 Other cash flow from financing activities -27 -26 Cash flows in respect of financing activities 134 -69 Net cash flows in respect of financing activities 110 -72 Effect of changes in foreign exchange rates -34 -8 Cash and cash equivalents at the end of the period 2,049 1,824 Appendix B: Consolidated statements of cash flows, Q3 2025
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29 EUR m (rounded) 9M 2025 9M 2024 Cash and cash equivalents at the beginning of the period 2,391 1,854 Net cash flows in respect of operations 1,005 706 Cash flow in respect of changes in scope of consolidation 0 -38 Cash flow in respect of acquisitions and sale of financial assets -845 -207 Cash flow in respect of acquisitions and disposals of tangible and intangible fixed assets -17 1 Net cash flows in respect of investing activities -863 -244 Transactions on treasury shares and issuance of equity instruments -47 -13 Dividends paid -322 -324 Cash flows in respect of shareholder transactions -369 -338 Cash related to issue or reimbursement of financial debt 153 -31 Interest paid on financial debt -95 -90 Other cash flow from financing activities -51 -21 Cash flows in respect of financing activities 7 -142 Net cash flows in respect of financing activities -362 -480 Effect of changes in foreign exchange rates -123 -12 Cash and cash equivalents at the end of the period 2,049 1,824 Appendix B: Consolidated statements of cash flows, 9M 2025
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30 CSM roll-forward 9M 2025 EUR m, net of retrocession (rounded) L&H P&C Total Net opening CSM 5,011 444 5,454 New business CSM1 294 1,104 1,398 CSM amortization -282 -807 -1,089 Interest accretion 91 47 138 Change in operating assumptions 49 48 97 Change in economic assumptions and other -337 -60 -397 Net closing CSM 4,826 776 5,602 Deferred tax2 -1,206 -194 -1,400 Net closing CSM, net of tax 3,619 582 4,201 Appendix B: CSM and shareholders’ equity evolutions 1. L&H new business CSM includes the CSM on new treaties and change in CSM on existing treaties due to new business (i.e. new business on existing contracts). 2. 25% notional tax rate applied on CSM. 3. Includes minorities interests. 4. Taking into account the mark to market impact of the option on own shares. 9M 2025 impact of EUR 15 million before tax. Shareholders’ equity roll-forward 9M 2025 EUR m Opening shareholders’ equity (YE 2024)3 4,524 Net income4 642 Revaluation reserves movements 438 Currency translation adjustment -745 Other -203 Closing shareholders’ equity (Q3 2025)4 before dividend 4,657 Dividend distributed -322 Closing shareholders’ equity (Q3 2025)4 4,335
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31 0.40.7 14.2 -0.7 YE 2024 Q3 2025 14.5 14.1 1.0 0.8 12.9 -0.6 5.0 2.8 -3.5 -0.1 YE 2024 4.8 2.7 -3.4 -0.5 Q3 2025 4.2 3.6 CSM RA PVFCF Accounts payable / receivable Appendix B: Split of net contract liabilities by segment P&C EUR bn L&H EUR bn
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32 Earnings per share calculation Q3 2025 Q3 2024 Group net income1,2 (A) in EUR m 217 -117 Average number of opening shares (1) 179,389,135 179,572,195 Impact of new shares issued (2) 2,175 0 Time weighted treasury shares (3) -1,012,532 -478,212 Basic Number of Shares (B) = (1)+(2)+(3) 178,378,778 179,093,983 Basic EPS2 (A)/(B) in EUR 1.22 -0.65 Appendix C: Calculation of EPS, book value per share and RoE, Q3 2025 1. Excluding non-controlling interests. 2. Taking into account the mark to market impact of the option on own shares. Q3 2025 im pact of EUR 8 million before tax. 3. 50% of the movement in the period. Book value per share calculation Q3 2025 Q3 2024 Group shareholders’ equity1 (A) in EUR m 4,335 4,305 Shares issued at the end of the quarter (1) 179,423,762 179,572,195 Treasury shares at the end of the quarter3 (2) -2,033,779 -487,633 Basic number of shares (B) = (1)+(2) 177,389,983 179,084,562 Basic book value PS (A)/(B) in EUR 24.44 24.04 CSM net of tax (C) in EUR m 4,201 4,076 Economic book value PS [(A)+(C)]/(B) 48.12 46.80 Post-tax return on equity (RoE2) EUR m Q3 2025 Q3 2024 Group net income1,2 217 -117 Opening shareholders’ equity 4,129 4,474 Weighted Group net income2,3 108 -58 Payment of dividends Weighted increase in capital 0 0 Effects of changes in foreign exchange rates3 -20 -102 Change in revaluation reserve – measured at FVTOCI and other3 14 76 Weighted average shareholders’ equity 4,232 4,389 Annualized RoE2 22.1% -10.2%
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33 Earnings per share calculation 9M 2025 9M 2024 Group net income1,2 (A) in EUR m 642 - 229 Average number of opening shares (1) 179,577,400 179,802,620 Impact of new shares issued (2) -109,145 -135,627 Time weighted treasury shares (3) -774,052 -586,400 Basic Number of Shares (B) = (1)+(2)+(3) 178,694,203 179,080,593 Basic EPS2 (A)/(B) in EUR 3.59 -1.28 Appendix C: Calculation of EPS, book value per share and RoE, 9M 2025 1. Excluding non-controlling interests. 2. Taking into account the mark to market impact of the option on own shares. 9M 2025 impact of EUR 15 million before tax. 3. 50% of the movement in the period. Book value per share calculation 9M 2025 9M 2024 Group shareholders’ equity1 (A) in EUR m 4,335 4,305 Shares issued at the end of the quarter (1) 179,423,762 179,572,195 Treasury shares at the end of the quarter3 (2) -2,033,779 -487,633 Basic number of shares (B) = (1)+(2) 177,389,983 179,084,562 Basic book value PS (A)/(B) in EUR 24.44 24.04 CSM net of tax (C) in EUR m 4,201 4,076 Economic book value PS [(A)+(C)]/(B) 48.12 46.80 Post-tax return on equity (RoE2) EUR m 9M 2025 9M 2024 Group net income1,2 642 -229 Opening shareholders’ equity 4,524 4,694 Weighted Group net income2,3 321 -114 Payment of dividends -175 -155 Weighted increase in capital -3 -4 Effects of changes in foreign exchange rates3 -372 -44 Change in revaluation reserve – measured at FVTOCI and other3 119 128 Weighted average shareholders’ equity 4,415 4,505 Annualized RoE2 19.9% -6.7%
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34 EUR m (rounded) 1 Q3 2025 Q3 2024 Attributable management expenses -168 -168 Investment management expenses (non-attributable) -17 -17 Other non-attributable management expenses -122 -106 Total management expenses -307 -291 Appendix D: Total management expenses 1. Numbers on this page do not include Lloyd’s expenses. EUR m (rounded) 1 9M 2025 9M 2024 Attributable management expenses -549 -536 Investment management expenses (non-attributable) -59 -50 Other non-attributable management expenses -313 -318 Total management expenses -921 -903
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35 1. Excludes the discounting effect on claims. Combined ratio calculation EUR m (rounded) Q3 2025 Q3 2024 Insurance revenue 1,813 1,842 Ceded insurance revenue -482 -484 Net insurance revenue (A) 1,331 1,358 Insurance service expense -1,325 -1,441 Ceded insurance service expense 249 242 Net insurance service expense (B) -1,076 -1,199 Total combined ratio: -(B)/(A) 80.9% 88.3% Insurance service result: (A)+(B) 255 159 Appendix E: Calculation of P&C combined ratio, Q3 2025 Detail of P&C combined ratio EUR m (rounded), net of retrocession Q3 2025 Q3 2024 P&C attributable expenses 8.2% 6.7% Natural catastrophe loss 2.7% 13.2% Effect of onerous contracts -0.9% -0.4% Attritional loss, commissions and others1 79.2% 76.5% Discount effect -8.4% -7.7% Total combined ratio 80.9% 88.3%
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36 1. Excludes the discounting effect on claims. Combined ratio calculation EUR m (rounded) 9M 2025 9M 2024 Insurance revenue 5,504 5,710 Ceded insurance revenue -1,428 -1,414 Net insurance revenue (A) 4,076 4,296 Insurance service expense -4,118 -4,567 Ceded insurance service expense 743 812 Net insurance service expense (B) -3,375 -3,755 Total combined ratio: -(B)/(A) 82.8% 87.4% Insurance service result: (A)+(B) 701 542 Appendix E: Calculation of P&C combined ratio, 9M 2025 Detail of P&C combined ratio EUR m (rounded), net of retrocession 9M 2025 9M 2024 P&C attributable expenses 7.9% 7.2% Natural catastrophe loss 6.4% 10.1% Effect of onerous contracts -0.6% -0.2% Attritional loss, commissions and others1 77.1% 77.7% Discount effect -8.0% -7.4% Total combined ratio 82.8% 87.4%
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37 Tactical Asset Allocation 2023 2024 2025 “Forward 2026” Strategic Asset Allocation in % of invested assets in % (unrounded) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Min Max Cash 7% 7% 8% 7% 8% 6% 7% 9% 7% 8% 7% 5%1 - Fixed income 80% 79% 78% 79% 79% 80% 79% 78% 79% 78% 79% 70% - Short-term investments 2% 1% 1% 2% 1% 1% 1% 0% 1% 1% 1% 5%1 - Government bonds & assimilated 24% 22% 23% 24% 22% 22% 22% 23% 23% 23% 25% - 100% Covered bonds & Agency MBS 8% 8% 8% 8% 8% 8% 8% 8% 8% 7% 7% - 20% Corporate 45% 45% 44% 44% 45% 45% 46% 45% 46% 45% 44% - 50% Structured & securitized products 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% - 10% Loans 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% - 10% Equities2 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% - 10% Real estate 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% - 10% Other investments3 4% 5% 5% 5% 5% 6% 6% 5% 5% 6% 6% - 10% Total invested assets EUR bn 22.4 21.7 22.0 22.9 23.0 22.7 23.3 24.2 24.3 23.2 23.4 Appendix F: Investment portfolio asset allocation as at 30/09/2025 1. Minimum cash + short-term investments is 5%. 2. Including listed equities, convertible bonds. 3. Including private debt, alternative investments, infrastructure, ILS strategies, private and non-listed equities.
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38 Annualized returns 2025 in % Q1 Q2 Q3 9M Return on invested assets1,2 3.8% 3.6% 3.3% 3.5% Regular income 3.5% 3.5% 3.5% 3.5% Investment gains and losses 0.4% 0.2% 0.2% 0.3% Net impairment and amortization -0.1% -0.1% -0.4% -0.2% Appendix F: Details of investment returns 1. Excluding funds withheld by cedants & other deposits. 2. Fair value through income on invested assets excludes EUR 6m in Q3 2025 and EUR 11m in 9M 2025 related to the option on own shares granted to SCOR. Annualized returns 2024 in % Q1 Q2 Q3 9M Q4 FY Return on invested assets1 3.4% 3.3% 4.0% 3.5% 3.3% 3.5% Regular income 3.5% 3.6% 3.5% 3.5% 3.6% 3.5% Investment gains and losses 0.1% 0.0% 0.5% 0.2% -0.2% 0.1% Net impairment and amortization -0.2% -0.4% 0.0% -0.2% 0.0% -0.1%
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39 Appendix F: Investment income development 1. Third party interest on consolidated funds on investment income on invested assets, i.e. excluding FX and income on derivatives. 2. Taking into account the mark to market impact of the option on own shares. Q3 2025 impact is EUR 8 million before tax and 9M 2025 impact is EUR 15 million before tax. 2024 2025 EUR m (unrounded) Q1 Q2 Q3 9M Q4 FY Q1 Q2 Q3 9M Interest revenue on debt instruments not measured at FVTPL 171 174 177 523 180 703 182 175 172 530 Other regular income (dividends and interest) 21 27 20 69 25 94 22 20 21 63 Net real estate rental income 3 3 3 9 3 13 4 8 8 20 Regular income 196 205 200 600 209 809 209 203 201 614 Realized gains / losses on debt instruments not measured at FVTPL -2 -6 1 -6 -3 -10 0 -2 -1 -3 Realized gains / losses on real estate 1 1 0 1 0 0 0 0 Change in fair value 7 7 24 39 -10 29 21 13 14 48 Investment gains and losses 6 1 26 33 -13 20 22 11 13 45 Real estate amortization and impairment -10 -8 4 -14 0 -14 -4 -9 -17 -31 Net impairment loss on financial assets (*change in ECL) -6 -20 -5 -32 -10 -42 -2 -5 -11 -18 Other income 8 6 4 17 9 27 2 10 4 16 Net impairment and amortization -9 -22 2 -29 0 -29 -4 -4 -25 -33 Total investment income on invested assets 193 184 229 605 195 800 226 210 190 626 Foreign exchange gains / losses -8 -9 2 -15 -6 -21 -12 3 5 -4 Income on other consolidated entities 1 1 1 4 12 16 1 0 1 2 Third party interest on consolidated funds1 36 18 33 88 29 117 24 20 25 68 Income on technical items and other2 28 -35 2 -5 -3 -8 6 0 3 9 Financing costs on real estate investments 1 1 1 4 2 6 1 1 1 4 IFRS investment income2 251 160 269 680 229 910 245 234 224 704
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40 By region in %. Total EUR 5.9bn 1. Supranational exposures consisting primarily of ‘‘European Investment Bank’’ securities and similar securities. No exposure to US municipal bonds 30 September 2025 Supranational1 21% China 16% USA 11% Canada 10% Republic of Korea 7% Australia 6% Germany 4% India 4% UK 3% Netherlands 3% Other 14% Total 100% Top exposures in %. Total EUR 5.9bn 9% 20% 7% 16% 44% 3% EU (excl UK) UK North America Korea China Other Appendix F: Government bond portfolio as at 30/09/2025
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41 By rating in %. Total EUR 10.4bn 1. Including tier 1, upper tier 2 and tier 2 debts for financials. 2. Of which banks: 72%. By seniority in %. Total EUR 10.4bn By region in %. Total EUR 10.4bn By sector/type in %. Total EUR 10.4bn 30 September 2025 Consumer, Non-cyclical 28% Financial2 25% Consumer, Cyclical 12% Industrial 12% Communications 10% Technology 8% Basic Materials 2% Utilities 2% Energy 0% Diversified / Funds 0% Other 0% Total 100% Source: Bloomberg geography definitions Source: Bloomberg sector definitions 1 13% 54% 7% 2% 23% 1% AAA AA A BBB <BBB NR 20% 66% 6% 8% EU (excl UK) North America UK Other 96% 2% 2% 1% Senior Subordinated Hybrid Other Appendix F: Corporate bond portfolio as at 30/09/2025
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42 By rating in %. Total EUR 1.9bn By seniority in %. Total EUR 1.9bn By region in %. Total EUR 1.9bn Top exposures in %. Total EUR 1.9bn 30 September 2025 US 32% France 15% Canada 15% UK 10% Netherlands 5% Spain 5% Switzerland 4% Japan 4% Australia 4% China 3% Other 5% Total 100%1. Including tier 1, upper tier 2 and tier 2 debts for financials. 1 64% 30% 0% 5% 0% 1% 90% 7% <1% 3% Senior Subordinated Hybrid Other 29% 47% 15% 10% EU (excl UK) North America UK Other Appendix F: ‘‘Banks’’ corporate bond portfolio as at 30/09/2025 AAA AA A BBB <BBB NR
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43 By rating in %. Total EUR 0.4bn By portfolio in %. Total EUR 0.4bn 85% 12% 3% <1% AAA AA <BBB NR 94% 3% <1% 3% CLO CDO MBS Other Appendix F: Structured & securitized product portfolio as at 30/09/2025
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44 Loans portfolio by underlying assets in %. Total EUR 1.1bn Equity portfolio by underlying assets in %. Total EUR <0.1bn Other investments in %. Total EUR 1.3bn Real estate portfolio EUR 728m (unrounded) 30 September 2025 Real estate securities and funds 112 Direct real estate net of debt and including URGL 613 Direct real estate at amortized cost 695 Real estate URGL 79 Real estate debt -161 Total 725 33% 21% 46% Infrastructure loans Real estate loans Corporate and leveraged loans 93% 7% <1% Common shares Convertible bonds Preferred shares 16% 23% 14% 12% 35% Private debt Non-listed equities Infrastructure funds Private equity funds Insurance Linked Securities (ILS) Appendix F: Loans, equity, real estate and other investment portfolios as at 30/09/2025
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45 EUR m (unrounded) Cash Fixed income Loans Equities Real estate Other investments Total invested assets Other deposits and other1 Accrued interest Technical items2 Total IFRS classification Real estate investments 695 695 695 Investments at FVOCI3 18,299 1,024 19,323 145 178 19,646 Investments at FVTPL4 218 19 58 112 1,045 1,453 4 1,457 Investments at amortized cost 44 239 1,576 1,859 6 12 1,877 Derivative instruments 285 285 Total insurance business investments 44 18,756 2,620 58 807 1,045 23,330 151 194 285 23,961 Cash and cash equivalents 2,049 2,049 2,049 Total insurance business investments and cash and cash equivalents 2,093 18,756 2,620 58 807 1,045 25,379 151 194 285 26,010 3rd party gross invested Assets5 -240 -262 -1,550 -1 -26 -2,079 Other consolidated entities6 285 285 Direct real estate URGL 79 79 Direct real estate debt7 -161 -161 Cash payable/receivable8 -98 -98 Total SGI classification 1,755 18,494 1,070 57 725 1,304 23,405 Appendix F: Reconciliation of IFRS asset classification to SCOR investments quarterly results presentation as at 30/09/2025 1. Due to IFRS 17, “Funds withheld by cedants and other” have been reclassified and renamed “Other deposits and other”. 2. Including Atlas cat bonds, mortality swaps, derivatives used to hedge US equity linked annuity book and FX derivatives. 3. FVOCI - Fair value through other comprehensive income. 4. FVTPL - Fair value through profit and loss. 5. 3rd party gross invested assets. 6. Certain consolidated entities held for investment purposes have been included in the scope of invested assets as of Q3 2017. 7. Including real estate financing and relates only to buildings owned for investment purposes. 8. This relates to purchase of investments in September 2025 with normal settlements in October 2025.
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46 EUR m (unrounded) 31/12/2024 30/09/2025 Variance YTD Fixed income URGL -722 -293 429 Government bonds & assimilated1 -27 30 57 Covered & agency MBS -108 -59 49 Corporate bonds -587 -264 323 Structured products 0 0 0 Loans URGL 1 -2 -4 Equities URGL 0 0 0 Real estate URGL 69 79 9 Real estate securities 0 0 0 Direct real estate URGL2 69 79 9 Other investments URGL 0 0 0 Invested assets URGL -651 -216 435 Less direct real estate investments URGL2 -69 -79 -9 URGL on 3rd party insurance business investments 1 1 0 URGL on non-invested assets AFS / FVTOCI instruments 21 38 17 Total insurance business investments URGL -699 -257 442 Gross asset revaluation reserve -700 -258 442 Deferred taxes on asset revaluation reserve 142 52 -90 Stock of technical OCI net of deferred taxes -687 -728 -41 Other 2 -2 -4 Total revaluation reserve -1,243 -936 307 Appendix F: Reconciliation of revaluation reserve 1. Including short-term investments. 2. Direct real estate is included in the balance sheet at amortized cost. The unrealized gain on real estate presented here is the estimated amount that would be included in the balance sheet, were the real estate assets to be carried at fair value.
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47 ISIN / Tranche Type Original amount issued (million) Issue date Next call date Maturity Initial Coupon Rate p.a. 2 FR0012199123 Fixed to Reset Rate Undated Tier 1 Subordinated Notes EUR 2501 01/10/2014 01/10/2025 Perpetual 3.875% until October 2025 FR0013067196 Fixed to Reset Rate Tier 2 Subordinated Notes EUR 6003 07/12/2015 08/06/2026 08/06/2046 3.00% until June 2026 FR0012770063 Fixed to Reset Rate Tier 2 Subordinated Notes EUR 250 05/06/2015 05/06/2027 05/06/2047 3.25% until June 2027 FR0013179314 Fixed to Reset Rate Tier 2 Subordinated Notes EUR 500 27/05/2016 27/05/2028 27/05/2048 3.625% until May 2028 FR0013322823 T1 Perpetual Fixed Rate Resettable Restricted Tier 1 Notes USD 625 13/03/2018 13/03/2029 Perpetual 5.25% until March 2029 FR0013322823 T2 Perpetual Fixed Rate Resettable Restricted Tier 1 Notes USD 125 17/12/2019 13/03/2029 Perpetual 5.25% until March 2029 FR0013535101 Fixed to Reset Rate Tier 2 Subordinated Notes EUR 300 17/09/2020 17/03/2031 17/09/2051 1.375% until September 2031 FR001400UM87 Perpetual Fixed Rate Resettable Restricted Tier 1 Notes EUR 500 20/12/2024 20/06/2034 Perpetual 6.00% until December 2034 FR0014012HQ0 Fixed to Floating Rate Tier 2 Subordinated Notes EUR 500 10/09/2025 10/03/2035 10/09/2055 4.522% until September 2035 Appendix G: Debt structure as at 30/09/2025 1. On October 1st, 2025, SCOR SE announced the redemption of the remaining outstanding amount of the EUR 63.6 million. 2. The Notes have a res ettable rate, therefore the latter will change during the life of the Notes. Please refer to the relevant prospectus for full details of the applicable interest rates. 3. Following the settlement of the Tender Offer (September 2025), the remaining outstanding amount of the Notes is EUR 282.9 million. For more information, refer to www.scor.com
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48 1. Credit watch with positive implications. Secure Very strong AA+ AA+ AA- Strong A+ A+ A- Good BBB + BBB + BBB - Vulner able Modera tely weak BB+ 2003 2005 2007 2009 2011 2013 2015 2017 2022 2023 2024 2025 Secure Very strong AA+ AA+ AA- Strong A+ A+ A- Good BBB + BBB + BBB - 2003 2005 2007 2009 2011 2013 2015 2017 2021 2022 2024 2025 A+ Stable Outlook + + + + Fitch rating AM Best rating A+ Positive Outlook Stable outlook Positive outlook / cwp1+ - Credit watch negative / Negative outlook X Issuer Credit Rating to “a+” Converium acquisition (08/07)Revios acquisition (11/06) TaRe acquisition (08/11) Generali US acquisition (10/13) Secure Very strong Aa1 Aa2 Aa3 Strong A1 A2 A3 Good Baa 1 Baa 2 Baa 3 2003 2005 2007 2009 2011 2013 2015 2017 2019 2022 2024 2025 A1 Stable Outlook + ++ + + - + + - + Secure Excellent A+ A A- Very good B++ B+ 2003 2007 2009 2011 2013 2015 2017 2019 2022 2023 2024 2025 A Stable Outlook + + - X + - - - Moody’s ratingS&P rating - - Appendix H: SCOR’s Financial Strength Rating since 2003 + XX
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49 49 Appendix H: SCOR's sustainability performance recognized by the main ESG rating agencies Q2 2022 Scale : CCC to AAA Last Update: August 2024 BB BBB AA 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 39 63 56 60 2017 2018 2019 2020 2021 2022 2023 2024 2025 Scale : 0 to 100 Last Update: October 2025 F C B C 2016 2017 2018 2019 2020 2021 2022 2023 2024 Last Update: February 2025 Scale: D- to A (F corresponds to a non-disclosure)
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50 Appendix I: SCOR’s listing information Euronext Paris listing SIX Swiss Exchange listing ADR program SCOR’s shares are traded on the Euronext Paris regulated market SCOR’s shares are traded on the SIX Swiss Exchange SCOR’s ADR are traded on the OTC market Main information Valor symbol SCR ISIN FR0010411983 Trading currency EUR Country France Main information Valor symbol SCR Valor number 2'844'943 ISIN FR0010411983 Trading currency CHF Effective Date August 8, 2007 Security segment Foreign Shares Main information DR Symbol SCRYY CUSIP 80917Q106 Ratio 10 ADRs: 1 ORD Country France Effective Date September 5, 2007 Underlying SEDOL B1LB9P6 Underlying ISIN FR0010411983 US ISIN US80917Q1067 Depositary BNY Mellon
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51 Attritional loss and commission ratio P&C claims (excluding claims arising from natural catastrophes) and brokerage fees divided by the P&C net insurance revenue. This ratio is net of retrocession. Alternative Solutions Customized, non-traditional, and new products/solutions provided when conventional (re)insurance is inadequate or unavailable. This includes (re)insurance solutions for Capital Optimization, Earnings and Cash Flow Volatility management, Protection Gap cover, and Special Situation needs. Combined Ratio Sum of P&C insurance service expense divided by the P&C net insurance revenue. The ratio is net of retrocession. Commutation A transaction through which insurers or reinsurers surrender all rights and are relieved from all obligations under the insurance or reinsurance contract in exchange for a single current payment. Contractual Service Margin (CSM) Represents the unearned profit on a contract to be recognized as it provides services in the future. It is gradually recognized in the income statement through the CSM amortization. Credit & Surety Credit insurance provides insurance coverage against loss to a supplier caused by customers’ failure to pay for goods or services supplied. Surety insurance relates to sureties and guarantees issued to third parties for the fulfillment of contractual liabilities. Economic Value Economic value is defined as the aggregation of shareholders’ equity and CSM net of tax. EGPI Estimated Gross Premium Income - EGPI for a contract represents the ultimate premium written for an underwriting year. ESG Environmental, Social, and Governance (ESG) - criteria used to evaluate the sustainability and ethical impact of activities, including investments. Engineering Engineering insurance provides economic safeguard to the risks faced by the ongoing construction project, installation project, and machines and equipment in project operation. GWP Actual and estimated premiums to be received for the period from the ceding companies. Gross premiums represent revenues for the accounting period. IFIE Insurance Finance Income or Expenses – reflects the unwind of the discounting of insurance liabilities. Insurance Revenue Sum of expected claims and expenses for the relevant period, CSM amortization, Risk Adjustment release, and amortization of existing onerous contracts. Insurance Service Result Difference between Insurance revenue and Insurance service expenses net of retrocession effect. Appendix J: Glossary – A to I
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52 Leverage ratio The leverage ratio is calculated by dividing subordinated debt by the sum of economic value and subordinated debt. The calculation excludes accrued interest and includes the impact of swaps related to subordinated debt issuances. This ratio is used to determine how much lenders arefinancing the Group’s activities over shareholders. Marine Marine insurance covers the physical loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination. Management Expenses Management costs monitored by SCOR, including exceptional costs. Excludes “Other income and expenses excl. revenues associated with financial reinsurance contracts”, “Other operating income and expenses”, Lloyd’s expenses, and financing expenses. Management expenses ratio Sum of management expenses divided by the Group insurance revenue (gross of retrocession). Mortality The relative incidence of death of Life insureds or annuitants holding a Life insurance policy. New Business CSM The new business CSM means the CSM on new treaties and, for L&H also the change in CSM on existing treaties due to new business (i.e. new business on existing contracts). Net combined ratio The term Net Combined Ratio is used interchangeably with Combined Ratio, as the calculation is already net of retrocession. Both refer to the same metric. Natural catastrophe ratio The natural catastrophe ratio is calculated by dividing P&C claims arising from natural catastrophes by the P&C net insurance revenue. This ratio is net of retrocession. Onerous Contracts Contracts which are deemed unprofitable at a point in time, hence not generating any CSM. P&C Lines Include Property, Property Cat, Casualty, Motor, and other related lines (Personal Insurance, Nuclear, Terrorism, Special Risks, Motor Extended Warranty, and Inwards Retrocession). Risk Adjustment (RA) Cost of capital to cover the uncertainty about the amount and timing of the future cash flows released as insurance service is fulfilled. It is gradually recognized in the income statement through the RA release. Regular Income Yield Interest revenue on debt instruments not measured at FVTPL (fair value through profit and loss), other regular income and net real estate rental income divided by the average invested assets. Reinvestment Rate Theoretical reinvestment yields based on asset allocation to yielding asset classes (i.e., fixed income, loans and real estate), according to current reinvestment duration assumptions and spreads, currencies, yield curves prevailing at each quarter end. Retrocession Transaction in which the reinsurer transfers all or part of the risks it has underwritten to another reinsurer, in return for payment of a premium. For SCOR, it notably includes a wide range of protections including proportional and non-proportional coverage. Appendix J: Glossary – L to R
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53 Return on Equity (ROE) Return on equity is based on the Group’s share of net income divided by average shareholders’ equity (calculated as shareholders’ equity at the beginning of the period adjusted for the effect of all movements during the period using a prorata temporis). This return is annualized when calculated quarterly. Return On Invested Assets (ROIA) The return on invested assets is used to assess the return on the Group’s invested assets excluding funds withheld by cedents. This percentage return is calculated by dividing the total investment income on invested assets by the average invested assets (calculated as the quarterly averages of the total invested assets). Specialty Lines Include Agriculture, Aviation, Credit & Surety, Inherent Defects Insurance, Engineering, Marine and Offshore, Space, and Cyber. Technical OCI Technical Other Comprehensive Income - Includes technical revenues, expenses, gains, and losses that have yet to be realized and are excluded from net income on the income statement. Total Liquidity Cash and cash equivalents (which include cash held by the Group on behalf of third parties), short-term government bonds maturing between three months and twelve months from the date of purchase (included in loans and receivables) and bank overdrafts. Total invested assets Total invested assets refer to SCOR’s share (i.e. excluding third party investments) of SCOR’s Insurance business investments and Cash, net of direct real estate investment debt and includes direct real estate investment unrealized gains/losses as well as other consolidated entities. UWY The year in which a policy commences or is renewed; to be distinguished from the accounting year. For example, a claim may occur during the current accounting year, but relate to a policy commencing in a prior underwriting year. Appendix J: Glossary – R to U