Slides
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To change the visual: • Right click on the slide • Click on “Format Background” • Import a visual from your computer (1920x1080px) January 2026 P&C Renewals 4 February 2026 Selective growth in a competitive pricing environment Jean-Paul Conoscente, P&C CEO
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2 General Figures 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. This presentation does not constitute an offer to sell or exchange, or a solicitation of an offer to buy SCOR securities in any jurisdiction. 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”, “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 alter the future results, performance and accomplishments planned or expected by SCOR. In particular, it should be noted that the full impact of the 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 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 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 AMF’s website 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 or intention 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, all figures are presented in Euros. Any figures for a period subsequent to September 30, 2025, 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, 2025, unless otherwise specified. All figures are based on available information as of January 27, 2026, unless otherwise specified. Disclaimers
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3 1. Adding Alternative Solutions growth brings total EGPI growth to 14.8% Key takeaways 1.1. 2026 P&C renewals Disciplined underwriting kept Terms & Conditions, including attachment points, broadly stable Alternative Solutions delivers in addition an increase in EGPI of 80.5% Traditional reinsurance EGPI grows by 4.7%1, with the net underwriting ratio expected to increase by 2.0% pts SCOR is prepared for a continued competitive market environment and maintains underwriting discipline Selective expansion achieved in key markets and with core clients, bolstered by flight to quality
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4 Selective growth in a competitive market EGPI change at 1.1 renewals (in EUR m) Outperformance in Alternative Solutions Strong growth across all geographies, supported by clients’ appetite for innovative solutions and willingness to partner with SCOR Resilient performance in traditional reinsurance Targeted growth in P&C Lines, alongside margin protection in Specialty Lines amid pricing pressure 656 Up for renewal 2026 2026 premium renewed Alternative Solutions 1,185 +80.5% 2,651 1,639 Up for renewal 2026 2,848 1,645 2026 premium renewed P&C Lines Specialty Lines 4,291 4,493 +4.7% Adequate reinsurance margin environment, even as increased supply generally outpaced strong client demand across most segments. 1.1. 2026 P&C renewals
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5 Net underwriting ratio increases by 2.0%pts Net underwriting ratio change at 1.1 renewals (excluding Alternative Solutions) Diversified portfolio mix -1.9% gross price change overall: -7.8% on non-proportional +0.1% on proportional Favorable retrocession buying Leveraging improved market conditions leading to lower retro cost with unchanged structure, partially offsetting inward business margin erosion Net UW Ratio Jan-25 Inward profitability Retrocession Net UW Ratio Jan-26 Broadly stable terms & conditions including attachment points Disciplined underwriting +2.0%pts 1.1. 2026 P&C renewals
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P&C Lines Increase in EGPI driven by APAC and North America as well as core clients Property Cat up +12.5%, mainly in North America, with targeted clients+7.4% 1.1. 2026 P&C renewals6 Percentages on this slide are 2026 EGPI % growth Specialty Lines Flat EGPI, reflecting disciplined underwriting and margin protection amid pressure on insurance and reinsurance prices+0.3% Alternative Solutions Strong momentum driven by demand for structured solutions and increasing market share, with capital relief transactions accounting for most of the renewed business +80.5% Selective growth supported by our Tier 1 franchise and active portfolio steering
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7 Outlook: SCOR is prepared to navigate the competitive environment Moving Forward Continue to deliver on Forward 2026 diversified growth strategy in a disciplined way, building on the strong momentum achieved during 2026 January renewals Maintain high level of client engagement through solutions, partnership and innovation Market set-up broadly unchanged Barring a major shock, January 1 dynamics should hold through 2026 Competition to remain focused on the most attractive segments, making disciplined underwriting and risk-adequate terms ever more critical Elevated demand for reinsurance Elevated risk and volatility to underpin demand across traditional reinsurance and Alternative Solutions Flight-to-quality to continue as insurers reduce their reinsurance panels and increasingly value broad support and holistic packages 1.1. 2026 P&C renewals
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To change the visual: • Right click on the slide • Click on “Format Background” • Import a visual from your computer (1920x1080px) January 2026 P&C Renewals 4 February 2026 Appendix
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9 c. 2/3 of SCOR’s P&C Reinsurance EGPI renewed at 1.1.2026 74% 88% 57% 45% 38% 26% 12% 43% 55% 62% Latin America North America Rest of the year renewals Reinsurance renewals seasonality January renewals North, Central & Eastern Europe Western Europe, Middle East, Africa Asia Pacific 1. FX as at 31/12/2025 SBS renewals are spread out throughout the year Estimated 2025 UW Year EGPI1 2.0 8.0 of which c. 2/3 renews at 1.1.2026 In EUR billions Reinsurance SBS 10.0 1.1. 2026 P&C renewals
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10 59 250 4,291 Up for renewal 2026 -106 Portfolio management Volume & rates New Business 2026 premium renewed 4,493 +4.7% Reinsurance EGPI growth: +4.7%1 at 1.1.2026 renewals 1 In EUR millions 1.1. 2026 P&C renewals 2 1. Excluding Alternative Solutions 2. New Business includes New Business with existing clients
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75% 25% 11 Evolution of EGPI breakdown at 1.1.2026 EGPI by geographyEGPI by lineEGPI by structure 73% 27% 2025 Up for renewal 2026 Renewed Non-Proportional Proportional 33% 21% 33% 13% Specialty Lines (excl. AS) Casualty & Motor Property & Property Cat Alternative Solutions 29% 19%31% 21% Northern, Central, Eastern Europe Western Europe, Middle East, Africa North America Asia Pacific Latin America 32% 24% 28% 10% 6% 31% 25% 28% 10% 6% 2025 Up for renewal 2026 Renewed 2025 Up for renewal 2026 Renewed 1.1. 2026 P&C renewals
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12 • EGPI: Estimated Gross Premium Income, Underwriting Year • Latin America: Latin America and Caribbean • LoB: Line of Business • Portfolio management: client or SCOR decided to cancel the business/programs and/or to change their programs (e.g., from Proportional to Non-Proportional) • 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 • Traditional Reinsurance: Reinsurance P&C Lines, Reinsurance Specialty Lines • 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