Slides
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Q2 2026 results 30 July 2026 EUR 171 million net income in Q2 2026
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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 or subscribe for SCOR securities in any jurisdiction, and should not be construed as such. Forward-looking statements This presentation contains 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”, “project”, “result in”, “should”, “may” 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 the macroeconomic, financial, geopolitical, climate and regulatory risks on SCOR’s business and results cannot be precisely assessed. Accordingly, all assessments, assumptions and figures presented in this presentation should be considered as 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 2025 Universal Registration Document filed on March 13, 2026, under number n° D.26-0090 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) . 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, 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 first half of 2026 which is available on SCOR’s website www.scor.com. The financial results for the first half of 2026 included in this presentation have been subject to a limited review by SCOR’s statutory auditors. Unless otherwise specified, all figures are presented in Euros. Any financial data or figures for a period subsequent to June 30, 2026 are not to be construed as a forecast of the expected financials for these periods. Disclaimers 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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Agenda 2026 YTD performance 4–6 Q2 2026 results 8–17 P&C renewals 19–21 Appendix 24–59
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4 4 1. Excluding the mark to market impact of the option on own shares. Net income of EUR 397m and RoE of 18.5% 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 H1 2026, fair value through income on invested assets excludes EUR -16m pre-tax related to the option on own shares granted to SCOR. H1 2026 results P&C EUR 978 million New business CSM EUR 157 million ISR4 EUR 236 million in H1 2025 EUR 216 million New business CSM3 Investments 3.7% Return on invested assets5 3.6% Regular income yield L&H Management expenses EUR 609 million Adjusted return on equity1,2 19.0% Adjusted net income1 EUR 409 million Insurance revenue EUR 7.4 billion EUR 524 million ISR EUR 446 million in H1 2025 79.9% Combined ratio 83.7% in H1 2025
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5 Solvency ratio Adjusted return on equity2,3 YE 2025 H1 2026 at constant economics1 H1 2026 8.5 9.0 9.0 H1 2026 Annualized Forward 2026 assumption 19.0% >12% 1. Growth at constant economic assumptions (i.e. adjusted for interest rate changes and FX impacts on shareholders’ equity and CSM) as of 31 December 2025 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 1.90 per share (EUR 340 million in total) for the fiscal year 2025, paid on 6 May 2026. 2. Annualized. 3. Excluding the mark to market impact of the option on own shares. Strong Group performance Economic Value EUR bn H1 2026 Optimal range 220% 185% to 220%
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6 Delivering in all three business activities in H1 2026 Regular income yieldInsurance service result1Combined ratio (EUR m) 1. Includes revenues on financial contracts reported under IFRS 9. H1 2026 Forward 2026 assumption 79.9% < 87% 157 H1 2026 Forward 2026 assumption ∼0.4bn p.a. H1 2026 2026 assumption 3.6% 3.4% to 3.8% P&C L&H Investments
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Agenda 2026 YTD performance 4–6 Q2 2026 results 8–17 P&C renewals 19–21 Appendix 24–59
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8 Key messages P&C: 79.5% CoR with low Nat Cat and attritional loss ratios, and additional buffer build Investments: 3.7% return on invested assets and continued attractive reinvestment rate Q2 adjusted net income: EUR 188m1 and adjusted ROE of 18.0%1 Solvency ratio: 220% including deleveraging actions in Q2 L&H: EUR 49m ISR, including one-off arbitration impact; EUR 113m excluding this impact 1. Excluding the mark to market impact of the option on own shares. Net income of EUR 171m and RoE of 16.3% taking into account the recognition 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 of 31 December 2025 and excluding the mark to market impact of the option on own shares. 3. With 2025 premiums adjusted for premium revisions, FX and late renewals. YTD renewals: traditional reinsurance EGPI up 3.2%3 YTD, with net underwriting ratio up by 2% pts3 Economic Value: EUR 9.0bn, +10.5%2 vs FY 2025, mainly driven by P&C
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9 9 1. Excluding the mark to market impact of the option on own shares. Net income of EUR 171m and RoE of 16.3% 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 Q2 2026, fair value through income on invested assets excludes EUR -23m pre-tax related to the option on own shares granted to SCOR. Q2 2026 results P&C EUR 255 million New business CSM EUR 49 million ISR4 EUR 118 million in Q2 2025 EUR 101 million New business CSM3 Investments 3.7% Return on invested assets5 3.6% Regular income yield L&H Management expenses EUR 310 million Adjusted return on equity1,2 18.0% Adjusted net income1 EUR 188 million Insurance revenue EUR 3.6 billion EUR 269 million ISR EUR 241 million in Q2 2025 79.5% Combined ratio 82.5% in Q2 2025
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10 P&C new business CSM EUR m, net of retrocession P&C: Strategic growth in preferred lines +0.1% -2.0%Insurance revenue growth 1,350 484 Q2 2025 1,331 504 Q2 2026 constant FX 1,317 478 Q2 2026 current FX Reinsurance SBS1 1,833 1,835 1,796 225 255 935 978 Q2 2025 Q2 2026 H1 2025 H1 2026 P&C insurance revenue EUR m, gross of retrocession • Insurance revenue in Q2 2026 at constant FX mainly reflects strong renewal momentum driving reinsurance revenue growth, partly offset by EGPI revisions on existing business • Growth in new business CSM at Q2 and H1 2026, driven by reinsurance volumes, lower retrocession costs and higher contribution from SBS and Cedant Facultative 1. SCOR Business Solutions. -1.6% +4.1%
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11 P&C combined ratio P&C: Excellent underlying performance P&C insurance service result EUR m 7.7% 3.8% -0.2% 77.4% -6.3% Q2 2025 8.2% 2.9% 0.2% 76.8% -8.5% Q2 2026 82.5% 79.5% Attributable expense Nat Cat ratio Effect of onerous contracts Attritional loss and commission ratio Discount effect 1 CSM amortization RA release Experience variance and others Impact of onerous contracts Q2 2026 Insurance service result 274 17 -10 -12 269 1. Excluding the discounting effect on claims. • Nat Cat ratio of 2.9%, reflecting a benign quarter with low Cat activity and translating into a H1 Cat ratio of 3.5% • Excellent attritional loss performance including man-made, with additional buffer building • Attributable expense ratio of 8.2%, in line with Q1 2026 • Experience variance and others mainly reflecting lower than expected Nat Cat experience and buffer building
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12 IFRS 17 L&H new business CSM1 EUR m, net of retrocession L&H: Q2 in line with expectations Q2 2026 L&H insurance service result2 EUR m 136 101 212 216 Q2 2025 Q2 2026 H1 2025 H1 2026 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. H1 2026 new business CSM broadly stable compared to H1 2025, with higher contribution from longevity and financial solutions • Excluding a one-off arbitration impact, the insurance service result is in line with expectations • Experience variance and onerous contracts remain within the expected range 113 49 CSM amortization RA release Experience variance and others Impact of onerous contracts Revenues on financial contracts Normalized insurance service result One-off arbitration impact Reported insurance service result 88 28 4 -10 3 -64
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13 Total invested assets as at 30 June 2026 in % Investments: Regular income yield at 3.6%, reinvestment rate of 4.3% 1. Listed equity close to 0%; private equity included in Others. 2. In Q2 2026, fair value through income on invested assets excludes EUR -23m pre-tax related to the option on own shares granted to SCOR. 3. Reinvestment rate is based on Q2 2026 asset allocation of yielding asset classes (fixed income, loans and real estate), according to current reinvestment duration assumptions. Yield curves & Spreads as at 30/06/2026. 4. As at 30 June 2026, financial cash flows include current cash balances and future coupons and redemptions. EUR 23.2bn o/w Fixed income 78% Covered bonds & agency MBS 7% Corporate bonds 41% Structured & securitized products 2% Loans 4% Real estate 3% Government bonds & assimilated 27% Short-term investments 1% Others 6% Cash 8% Liquid assets 9% Equity 0% 1 EUR 23.2 billion invested assets (EUR -0.2bn versus Q1 2026 driven by cash outflows) EUR 214 million investment income2 on invested assets in Q2 2026 Regular income yield at 3.6% in Q2 2026, c. +10bps versus Q2 2025 Return on invested assets at 3.7% 2 in Q2 2026, stable versus Q2 2025 Reinvestment rate3 at 4.3% as at 30 June 2026 Very high-quality fixed income portfolio (A+ average rating) with a duration of 4.4 years Highly liquid invested assets portfolio, with financial cash flows4 of EUR 8.1 billion expected over the next 24 months
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14 Liquid assets: EUR 2.3 billion EUR m Q2 2026 Q2 2025 H1 2026 H1 2025 Cash and cash equivalents opening 2,219 2,027 2,083 2,391 Net cash flows from operations: 176 395 325 546 P&C 178 352 401 447 L&H -42 -4 -69 50 FX and hedging 40 47 -7 49 Net cash flows used in investment activities1 228 153 304 -281 Net cash flows used in financing activities2 -525 -392 -623 -472 Effect of changes in foreign exchange rates 1 -86 10 -88 Total cash flow -120 70 16 -295 Cash and cash equivalentsat 30 June 2,099 2,097 2,099 2,097 Short-term investments 199 266 199 266 Total liquid assets3 2,298 2,362 2,298 2,362 Operating cash flows of EUR 176 million in Q2 2026, reflecting positive cash flows from premiums and claims for P&C and L&H, with seasonality on expenses and tax Total liquid assets of EUR 2.3 billion at end of June 2026 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 33 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 181m. Please refer to page 51 for additional details on 3rd party gross invested Assets as of 30 June 2026.
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15 215% YE 2025 220% Q2 2026 Solvency ratio: 220% at 30 June 2026 EOF1 9,164 9,345 SCR2 4,262 4,250 In EUR m 1. EOF: Eligible Own Funds. 2. SCR: Solvency Capital Requirement. • Capital generation in line with the FY 2026 guidance • Additional positives came from a benign H1 Nat Cat experience and ALM refinements • Balance sheet resilience prioritized in H1 with EUR 300 million of buffers added to P&C Best Estimates Liabilities in Q1 and with EUR 160 million of deleveraging in Q2 185% 220%
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16 H1 2026 Economic Value evolution EUR bn Economic Value: +10.5%1 in H1 2026 • Strong EV growth driven by P&C and investment performance • Neutral market variance 1. Growth at constant economic assumptions as of 31 December 2025 and excluding the mark to market impact of the option on own shares. The starting point is adjusted for the dividend of EUR 1.90 per share (EUR 340 million in total) for the fiscal year 2025, paid on 6 May 2026. 2. 25% notional tax rate applied on CSM. 3. Includes IFIE. CSM net of tax 2 IFRS 17 shareholders’ equity Taxes and other 4.6 4.5 Q2 2026 EV at constant economics Market variances Q2 2026 EV 4.1 4.1 4.4 YE 2025 EV 2025 dividend paid 8.5 -0.3 8.2 1.0 4.1 -0.4 9.0 0.0 9.00.3 4.6 YE 2025 EV adjusted for dividend Business impact Investment performance3 4.5 +10.5%
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17 1. 25% notional tax rate applied on CSM. 2. The leverage ratio is calculated as the percentage of subordinated debt compared 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 2025 Q2 2026 Economic Value1 8.5 9.0 Subordinated debt 3.0 2.8 Financial leverage2 25.3% 23.2% Economic Value per share EUR 48 EUR 50 YE 2025 Q2 2026 3.0 8.5 2.8 9.0 Subordinated debt Economic Value EUR bn Economic Value per share: EUR 50 as at 30 June 2026
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Agenda 2026 YTD performance 4–6 Q2 2026 results 8–17 P&C renewals 19–21 Appendix 24–59
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19 Disciplined 2026 YTD renewals: net underwriting ratio increase by 2% pts FX rates at 31/12/2025; YTD 2026 changes are compared to EGPI between 1.January 2025 and 1 July 2025; Adding Alternative Solutio ns growth brings total EGPI change to +12.4% 1. 2025 premiums adjusted for premium revisions, FX and late renewals; 2. Excluding Alternative Solutions YTD EGPI (EUR m) YTD net underwriting ratio increases by 2% pts2 Discipline, portfolio mix and retrocession buying partially offset inward business margin erosion Terms & Conditions continue to broadly hold Including attachment points Up for renewal 20251 2026 premium renewed Alternative Solutions 963 1,654 +71.7% 3,967 2,287 Up for renewal 20251 4,120 2,334 2026 premium renewed P&C Lines Specialty Lines 6,254 6,455 +3.2% Gross price change -2.4% overall • -8.1% on non-proportional business • -0.1% on proportional business
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20 June-July 2026 renewals changes are compared to June-July 2025 EGPI 1. Excluding Alternative Solutions June-July renewals: Traditional reinsurance EGPI grows 1.3% Specialty Lines Driven by Credit & Surety P&C Lines Driven by US Casualty and US Non-Cat Property; Property Cat flat -4.8% EGPI +19.8% EGPI Alternative Solutions Driven by significant growth in the US +133.3% EGPI Gross price change -4.4% overall • -9.5% on non-proportional business • -0.6% on proportional business June-July renewals accounts for 12.5% of P&C reinsurance premiums; c.10% of total P&C premiums Net underwriting ratio increases by <2% pts1
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21 2025 premiums up for renewal in June-July 2026 premiums renewed in June-July FX rates at 31/12/2025; EGPI variation compared to June-July renewals 2025 1. Excluding Alternative Solutions (adding Alternative Solutions growth brings total EGPI change to +14.3%); 2. Same proportion including Alternative Solutions Enhanced diversification EGPI1 roll forward June-July 2025 to 2026 EGPI EGPI1, in EURm 43% 22% 10% 25% 20% 36% 23% 21% 885 897 16 82 2025 premiums up for renewal Portfolio management Volume & Rates New Business 2026 premiums renewed -86 +1.3% June-July renewals: Diversification and portfolio management Alternative Solutions Casualty & Motor Property & Property CAT Specialty Lines Disciplined renewals of US Non-CAT Property and Casualtybook and strong growth of the AS portfolio result in a more diversified portfolio renewed at June & July 2026
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22 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 Q3 2026 results 30 October 2026 CITI European Insurance conference 14 January 2027 Bank of America Financials CEO Conference 23 September 2026 Q4 2026 results 4 March 2027 ODDO BHF Forum 7 January 2027 Narisa Cheyklin Investor Relations Manager ncheyklin@scor.com +33 6 07 78 04 31 Investor Day 3 December 2026
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Agenda 2026 YTD performance 4–6 Q2 2026 results 8–17 P&C renewals 19–21 Appendix 24–59
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24 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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25 EUR m (rounded) Q2 2026 Q2 2025 Variation at current FX Variation at constant FX Insurance revenue 3,624 3,819 -5.1% -2.9% Net insurance revenue 3,092 3,016 2.5% Insurance service result 318 358 -11.2% Net income1 188 225 -16.4% Management expenses 310 313 -0.9% Investment income on invested assets 214 210 1.9% Return on invested assets 3.7% 3.6% 0.1 pts Annualized RoE1 18.0% 22.6% -4.5 pts Shareholders’ equity 4,408 4,129 6.7% Economic Value 9,018 8,469 n.a. Economic Value growth n.a. n.a. n.a. Economic Value per share (EUR) 50.42 47.35 6.5% Operating cash flow 176 395 -55.5% New business CSM 255 225 13.5% Insurance revenue 1,796 1,833 -2.0% 0.1% Combined ratio 79.5% 82.5% -3.0 pts New business CSM2 101 136 -25.7% Insurance revenue 1,828 1,986 -8.0% -5.7% Insurance service result3 49 118 -58.0% GroupP&CL&H 1. Excluding the mark to market impact of the option on own shares. Q2 2026 net income of EUR 171m and RoE of 16.3% 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: SCOR Q2 2026 financial details
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26 EUR m (rounded) H1 2026 H1 2025 Variation at current FX Variation at constant FX Insurance revenue 7,439 7,883 -5.6% -0.2% Net insurance revenue 6,043 6,184 -2.3% Insurance service result 680 682 -0.2% Net income1 409 420 -2.7% Management expenses 609 614 -0.8% Investment income on invested assets 433 436 -0.6% Return on invested assets 3.7% 3.7% 0.1 pts Annualized RoE1 19.0% 20.1% -1.0 pts Shareholders’ equity 4,408 4,129 6.7% Economic Value 9,018 8,469 6.5% Economic Value growth2 10.5% 10.5% n.a. Economic Value per share (EUR) 50.42 47.35 6.5% Operating cash flow 325 546 New business CSM 978 935 4.6% Insurance revenue 3,608 3,692 -2.3% 2.8% Combined ratio 79.9% 83.7% -3.9 pts New business CSM3 216 212 1.9% Insurance revenue 3,831 4,191 -8.6% -2.9% Insurance service result4 157 236 -33.5% 1. Excluding the mark to market impact of the option on own shares. H1 2026 net income of EUR 397m and RoE of 18.5% taking into account the mark to market impact of the fair value of the option on own shares. 2. Growth at constant economic assumptions (i.e. adjusted for interest rate changes and FX impacts on shareholders’ equity and CSM) as at 31 December 2025 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 1.90 per share (EUR 340 million in total) for the fiscal year 2025, paid on 6 May 2026. 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. Including revenues associated with financial reinsurance contracts. Appendix A: SCOR H1 2026 financial details P&CL&H Group
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27 EUR m (rounded) Q2 2026 Q2 2025 Insurance revenue 3,624 3,819 Insurance service expenses -2,918 -3,210 Gross insurance service result 706 609 Ceded insurance revenue -532 -804 Ceded insurance service expenses 141 552 Ceded insurance service result (reinsurance result) -391 -252 Net revenues associated with financial reinsurance contracts 3 1 Insurance service result incl. revenues associated with financial reinsurance contracts 318 358 Insurance finance income and expenses -114 -112 Other income and expenses 6 10 Investment income1 216 234 Interest revenue financial assets not measured FVTPL 203 200 Other investment revenue 13 46 Net impairment losses -1 -12 Share attributable to third party interests in consolidated funds -26 -20 Investment management expenses -17 -21 Other non-attributable expenses -112 -102 Other operating income and expenses -5 -2 Operating results before impact of acquisitions 267 347 Acquisition-related expenses 0 0 Gain on bargain purchase 0 0 Operating results 267 347 Financing expenses -42 -33 Share in results of associates 0 0 Corporate income tax -54 -89 Consolidated net income1 171 226 of which non-controlling interests 0 0 Consolidated net income1, Group share 171 226 Appendix A: Consolidated statement of income, Q2 2026 1. Taking into account the mark to market impact of the option on own shares. Q2 2026 impact of EUR -23 million before tax.
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28 EUR m (rounded) H1 2026 H1 2025 Insurance revenue 7,439 7,883 Insurance service expenses -6,190 -6,764 Gross insurance service result 1,249 1,118 Ceded insurance revenue -1,396 -1,699 Ceded insurance service expenses 824 1,256 Ceded insurance service result (reinsurance result) -573 -443 Net revenues associated with financial reinsurance contracts 4 6 Insurance service result incl. revenues associated with financial reinsurance contracts 680 682 Insurance finance income and expenses -229 -231 Other income and expenses 16 23 Investment income1 467 480 Interest revenue financial assets not measured FVTPL 404 408 Other investment revenue 80 89 Net impairment losses -16 -18 Share attributable to third party interests in consolidated funds -45 -43 Investment management expenses -35 -42 Other non-attributable expenses -225 -199 Other operating income and expenses -8 -6 Operating results before impact of acquisitions 621 665 Acquisition-related expenses 0 0 Gain on bargain purchase 0 0 Operating results 621 665 Financing expenses -74 -66 Share in results of associates 0 0 Corporate income tax -150 -173 Consolidated net income1 397 425 of which non-controlling interests 0 0 Consolidated net income1, Group share 397 425 Appendix A: Consolidated statement of income, H1 2026 1. Taking into account the mark to market impact of the option on own shares. H1 2026 impact of EUR -16 million before tax.
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29 Q2 2026 Q2 2025 EUR m (rounded) L&H P&C Total L&H P&C Total Gross insurance revenue 1,828 1,796 3,624 1,986 1,833 3,819 Gross insurance service expense -1,543 -1,375 -2,918 -1,899 -1,311 -3,210 Gross insurance service result 285 421 706 87 523 609 Ceded insurance revenue -51 -481 -532 -347 -457 -804 Ceded insurance service expense -188 329 141 376 175 552 Ceded insurance service result (reinsurance result) -238 -153 -391 29 -282 -252 Net revenues associated with financial reinsurance contracts 3 0 3 1 0 1 Insurance service result incl. revenues associated with financial reinsurance contracts 49 269 318 118 241 358 Insurance finance income and expenses 3 -117 -114 2 -114 -112 Other income and expenses 6 10 Investment income1 216 234 Share attributable to third party interests in consolidated funds -26 -20 Investment management expenses -17 -21 Other non-attributable expenses -112 -102 Other operating income and expenses -5 -2 Operating results before impact of acquisitions 267 347 Appendix A: Consolidated operating results by segment, Q2 2026 1. Taking into account the mark to market impact of the option on own shares. Q2 2026 impact of EUR -23 million before tax.
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30 H1 2026 H1 2025 EUR m (rounded) L&H P&C Total L&H P&C Total Gross insurance revenue 3,831 3,608 7,439 4,191 3,692 7,883 Gross insurance service expense -3,448 -2,742 -6,190 -3,972 -2,793 -6,764 Gross insurance service result 383 866 1,249 219 899 1,118 Ceded insurance revenue -393 -1,003 -1,396 -752 -946 -1,699 Ceded insurance service expense 163 661 824 762 494 1,256 Ceded insurance service result (reinsurance result) -231 -342 -573 10 -453 -443 Net revenues associated with financial reinsurance contracts 4 0 4 6 0 6 Insurance service result incl. revenues associated with financial reinsurance contracts 157 524 680 236 446 682 Insurance finance income and expenses 6 -235 -229 3 -234 -231 Other income and expenses 16 23 Investment income1 467 480 Share attributable to third party interests in consolidated funds -45 -43 Investment management expenses -35 -42 Other non-attributable expenses -225 -199 Other operating income and expenses -8 -6 Operating results before impact of acquisitions 621 665 Appendix A: Consolidated operating results by segment, H1 2026 1. Taking into account the mark to market impact of the option on own shares. H1 2026 impact of EUR -16 million before tax.
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31 EUR m (rounded) Q2 2026 YE 2025 Goodwill arising from insurance activities 802 802 Goodwill arising from non-insurance activities 82 82 Insurance business investments 23,453 23,882 Real estate investments 685 686 Investments at fair value through other comprehensive income 19,285 19,716 Investments at fair value through profit and loss 1,520 1,485 Investments at amortized cost 1,782 1,842 Derivative instruments 181 153 Investments in associates 2 2 Insurance contract assets (assumed business) 3,733 2,728 Reinsurance contracts assets (retrocession) 3,678 3,910 Other assets 2,700 2,611 Deferred tax assets 1,035 1,013 Taxes receivable 152 155 Miscellaneous assets1 1,509 1,439 Deposits 4 4 Cash and cash equivalents 2,099 2,083 Total assets 36,547 36,100 Appendix B: Consolidated balance sheet – Assets 1. Include other intangible assets, tangible assets and other assets.
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32 EUR m (rounded) Q2 2026 YE 2025 Group shareholders’ equity 4,408 4,427 Non-controlling interest 0 0 Total shareholders’ equity 4,408 4,427 Financial debt 3,359 3,574 Subordinated debt 2,803 2,977 Real estate financing 422 453 Other financial debt 133 145 Employee benefits and other provisions 58 76 Insurance contract liabilities (assumed business) 22,853 22,053 Reinsurance contracts liabilities (retrocession) 2,318 2,334 Investment and financial contract liabilities 0 0 Other liabilities 3,553 3,637 Derivative instruments 237 114 Deferred tax liabilities 295 430 Taxes payable 318 256 Miscellaneous liabilities 710 770 Third party interests in consolidated funds 1,994 2,067 Total shareholders’ equity & liabilities 36,547 36,100 Appendix B: Consolidated balance sheet – Liabilities & shareholders’ equity
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33 EUR m (rounded) Q2 2026 Q2 2025 Cash and cash equivalents at the beginning of the period 2,219 2,027 Net cash flows in respect of operations 176 395 Cash flow in respect of changes in scope of consolidation 0 0 Cash flow in respect of acquisitions and sale of financial assets 239 164 Cash flow in respect of acquisitions and disposals of tangible and intangible fixed assets -11 -11 Net cash flows in respect of investing activities 228 153 Transactions on treasury shares and issuance of equity instruments -11 -7 Dividends paid -340 -322 Cash flows in respect of shareholder transactions -350 -329 Cash related to issue or reimbursement of financial debt -161 -12 Interest paid on financial debt -40 -59 Other cash flow from financing activities 26 8 Cash flows in respect of financing activities -174 -63 Net cash flows in respect of financing activities -525 -392 Effect of changes in foreign exchange rates 1 -86 Cash and cash equivalents at the end of the period 2,099 2,097 Appendix B: Consolidated statements of cash flows QTD
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34 EUR m (rounded) H1 2026 H1 2025 Cash and cash equivalents at the beginning of the period 2,083 2,391 Net cash flows in respect of operations 325 546 Cash flow in respect of changes in scope of consolidation 15 0 Cash flow in respect of acquisitions and sale of financial assets 306 -273 Cash flow in respect of acquisitions and disposals of tangible and intangible fixed assets -17 -8 Net cash flows in respect of investing activities 304 -281 Transactions on treasury shares and issuance of equity instruments -24 -23 Dividends paid -340 -322 Cash flows in respect of shareholder transactions -364 -345 Cash related to issue or reimbursement of financial debt -197 -26 Interest paid on financial debt -62 -77 Other cash flow from financing activities 0 -24 Cash flows in respect of financing activities -259 -127 Net cash flows in respect of financing activities -623 -472 Effect of changes in foreign exchange rates 10 -88 Cash and cash equivalents at the end of the period 2,099 2,097 Appendix B: Consolidated statements of cash flows YTD
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35 CSM roll-forward H1 2026 EUR m, net of retrocession (rounded) L&H P&C Total Net opening CSM 4,933 527 5,460 New business CSM1 216 978 1,193 CSM amortization -175 -516 -691 Interest accretion 68 32 100 Change in operating assumptions 68 -40 28 Change in economic assumptions and other 46 11 57 Net closing CSM 5,155 991 6,146 Deferred tax2 -1,289 -248 -1,537 Net closing CSM, net of tax 3,867 743 4,610 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. H1 2026 impact of EUR -16 million before tax. Shareholders’ equity roll-forward H1 2026 EUR m Opening shareholders’ equity (YE 2025)3 4,427 Net income4 397 Revaluation reserves movements -126 Currency translation adjustment -33 Other 84 Closing shareholders’ equity (Q2 2026)4 before dividend 4,748 Dividend distributed -340 Closing shareholders’ equity (Q2 2026)4 4,408
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36 0.5 1.0 13.0 -0.6 YE 2025 1.0 1.0 12.7 -0.7 Q2 2026 14.0 14.0 4.9 2.5 -3.6 -0.2 YE 2025 5.2 2.2 -3.4 -0.2 Q2 2026 3.7 3.8 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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37 Earnings per share calculation Q2 2026 Q2 2025 Group net income1,2 (A) in EUR m 171 226 Average number of opening shares (1) 179,444,449 179,577,400 Impact of new shares issued (2) -22,781 -139,300 Time weighted treasury shares (3) -517,017 -542,044 Basic Number of Shares (B) = (1)+(2)+(3) 178,904,651 178,896,056 Basic EPS2 (A)/(B) in EUR 0.96 1.26 Appendix C: Calculation of EPS, book value per share and RoE QTD 1. Excluding non-controlling interests. 2. Taking into account the mark to market impact of the option on own shares. Q2 2026 im pact of EUR -23 million before tax. 3. 50% of the movement in the period. Book value per share calculation Q2 2026 Q2 2025 Group shareholders’ equity1 (A) in EUR m 4,408 4,129 Shares issued at the end of the quarter (1) 179,400,399 179,389,135 Treasury shares at the end of the quarter3 (2) -556,644 -535,288 Basic number of shares (B) = (1)+(2) 178,843,755 178,853,847 Basic book value PS (A)/(B) in EUR 24.65 23.09 CSM net of tax (C) in EUR m 4,610 4,340 Economic book value PS [(A)+(C)]/(B) 50.42 47.35 Post-tax return on equity (RoE2) EUR m Q2 2026 Q2 2025 Group net income1,2 171 226 Opening shareholders’ equity 4,546 4,582 Weighted Group net income2,3 86 113 Payment of dividends -209 -198 Weighted increase in capital -1 -3 Effects of changes in foreign exchange rates3 1 -228 Change in revaluation reserve – measured at FVTOCI and other3 15 52 Weighted average shareholders’ equity 4,438 4,317 Annualized RoE2 16.3% 22.6%
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38 Earnings per share calculation H1 2026 H1 2025 Group net income1,2 (A) in EUR m 397 425 Average number of opening shares (1) 179,424,410 179,577,400 Impact of new shares issued (2) -1,268 -70,035 Time weighted treasury shares (3) -563,995 -652,835 Basic Number of Shares (B) = (1)+(2)+(3) 178,859,148 178,854,530 Basic EPS2 (A)/(B) in EUR 2.22 2.38 Appendix C: Calculation of EPS, book value per share and RoE YTD 1. Excluding non-controlling interests. 2. Taking into account the mark to market impact of the option on own shares. H1 2026 im pact of EUR -16 million before tax. 3. 50% of the movement in the period. Book value per share calculation H1 2026 H1 2025 Group shareholders’ equity1 (A) in EUR m 4,408 4,129 Shares issued at the end of the quarter (1) 179,400,399 179,389,135 Treasury shares at the end of the quarter3 (2) -556,644 -535,288 Basic number of shares (B) = (1)+(2) 178,843,755 178,853,847 Basic book value PS (A)/(B) in EUR 24.65 23.09 CSM net of tax (C) in EUR m 4,610 4,340 Economic book value PS [(A)+(C)]/(B) 50.42 47.35 Post-tax return on equity (RoE2) EUR m H1 2026 H1 2025 Group net income1,2 397 425 Opening shareholders’ equity 4,427 4,524 Weighted Group net income2,3 198 213 Payment of dividends -105 -100 Weighted increase in capital -0 -2 Effects of changes in foreign exchange rates3 -16 -352 Change in revaluation reserve – measured at FVTOCI and other3 -21 105 Weighted average shareholders’ equity 4,482 4,389 Annualized RoE2 18.5% 20.3%
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39 EUR m (rounded) 1 Q2 2026 Q2 2025 Attributable management expenses -186 -194 Investment management expenses (non-attributable) -17 -21 Other non-attributable management expenses -107 -98 Total management expenses -310 -313 Appendix D: Total management expenses 1. Numbers on this page do not include Lloyd’s expenses. EUR m (rounded) 1 H1 2026 H1 2025 Attributable management expenses -359 -381 Investment management expenses (non-attributable) -35 -42 Other non-attributable management expenses -216 -191 Total management expenses -609 -614
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40 1. Excludes the discounting effect on claims. Combined ratio calculation EUR m (rounded) Q2 2026 Q2 2025 Insurance revenue 1,796 1,833 Ceded insurance revenue -481 -457 Net insurance revenue (A) 1,315 1,376 Insurance service expense -1,375 -1,311 Ceded insurance service expense 329 175 Net insurance service expense (B) -1,046 -1,135 Total combined ratio: -(B)/(A) 79.5% 82.5% Insurance service result: (A)+(B) 269 241 Appendix E: Calculation of P&C combined ratio QTD Detail of P&C combined ratio EUR m (rounded), net of retrocession Q2 2026 Q2 2025 P&C attributable expenses 8.2% 7.7% Natural catastrophe loss 2.9% 3.8% Effect of onerous contracts 0.2% -0.2% Attritional loss, commissions and others1 76.8% 77.4% Discount effect -8.5% -6.3% Total combined ratio 79.5% 82.5%
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41 1. Excludes the discounting effect on claims. Combined ratio calculation EUR m (rounded) H1 2026 H1 2025 Insurance revenue 3,608 3,692 Ceded insurance revenue -1,003 -946 Net insurance revenue (A) 2,604 2,746 Insurance service expense -2,742 -2,793 Ceded insurance service expense 661 494 Net insurance service expense (B) -2,081 -2,299 Total combined ratio: -(B)/(A) 79.9% 83.7% Insurance service result: (A)+(B) 524 446 Appendix E: Calculation of P&C combined ratio YTD Detail of P&C combined ratio EUR m (rounded), net of retrocession H1 2026 H1 2025 P&C attributable expenses 8.0% 7.8% Natural catastrophe loss 3.5% 8.2% Effect of onerous contracts 0.4% -0.4% Attritional loss, commissions and others1 77.2% 76.0% Discount effect -9.3% -7.8% Total combined ratio 79.9% 83.7%
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42 Net 1-in-100 years OEP PMLs (pre-tax) Net 1-in-250 years OEP PMLs (pre-tax) FY 2026 estimate as of July 2026. OEP: Occurrence Exceedance Probability. Using YE 2025 FX rate, the 2026 estimated PMLs are: US Hurricane EUR 669 million, US Earthquake EUR 470 million, and Japan Earthquake EUR 239 million Appendix E: Natural Catastrophe PMLs for FY 2026 2026e 2025 US Hurricane (USDm) European Wind (EURm) 777 680 462 348 US Earthquake (USDm) Japan Earthquake (JPYbn) 546 506 43 50
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43 Tactical Asset Allocation 2024 2025 2026 “Forward 2026” Strategic Asset Allocation in % of invested assets Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Min Max Cash 8% 6% 7% 9% 7% 8% 7% 8% 8% 8% 5%1 - Fixed income 79% 80% 79% 78% 79% 78% 79% 79% 79% 78% 70% - Short-term investments 1% 1% 1% 0% 1% 1% 1% 1% 1% 1% 5%1 - Government bonds & assimilated 22% 22% 22% 23% 23% 23% 25% 27% 27% 27% - 100% Covered bonds & Agency MBS 8% 8% 8% 8% 8% 7% 7% 8% 8% 7% - 20% Corporate 45% 45% 46% 45% 46% 45% 44% 42% 42% 41% - 50% Structured & securitized products 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% - 10% Loans 5% 5% 5% 5% 5% 5% 5% 4% 4% 4% - 10% Equities2 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% - 10% Real estate 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% - 10% Other investments3 5% 6% 6% 5% 5% 6% 6% 6% 6% 6% - 10% Total invested assets EUR bn 23.0 22.7 23.3 24.2 24.3 23.2 23.4 23.5 23.5 23.2 Appendix F: Investment portfolio asset allocation as at 30/06/2026 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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44 Annualized returns 2026 Q1 Q2 H1 Return on invested assets1,2 3.8% 3.7% 3.7% Regular income 3.6% 3.6% 3.6% Investment gains and losses 0.3% 0.4% 0.3% Net impairment and amortization -0.1% -0.2% -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 -23m in Q2 2026 and EUR -16m in H1 2026 related to the option on own shares granted to SCOR. Annualized returns 2025 Q1 Q2 H1 Q3 Q4 FY Return on invested assets1 3.8% 3.6% 3.7% 3.3% 3.6% 3.5% Regular income 3.5% 3.5% 3.5% 3.5% 3.8% 3.5% Investment gains and losses 0.4% 0.2% 0.3% 0.2% 0.0% 0.2% Net impairment and amortization -0.1% -0.1% -0.1% -0.4% -0.2% -0.2%
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45 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. Q2 2026 impact is EUR -23 million before tax and H1 2026 impact is EUR -16 million before tax. 2025 2026 EUR m Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1 Interest revenue on debt instruments not measured at FVTPL 182 175 358 172 178 708 177 179 356 Other regular income (dividends and interest) 22 20 42 21 35 98 26 20 46 Net real estate rental income 4 8 13 8 8 28 8 8 16 Regular income 209 203 412 201 221 835 210 207 417 Realized gains / losses on debt instruments not measured at FVTPL 0 -2 -2 -1 1 -1 4 3 7 Realized gains / losses on real estate 0 0 0 0 0 0 0 0 0 Change in fair value 21 13 34 14 -3 46 13 18 31 Investment gains and losses 22 11 32 13 -1 44 18 21 39 Real estate amortization and impairment -4 -9 -14 -17 -16 -47 -7 -7 -14 Net impairment loss on financial assets (*change in ECL) -2 -5 -7 -11 1 -17 -9 1 -8 Other income 2 10 12 4 3 19 8 -9 -1 Net impairment and amortization -4 -4 -8 -25 -11 -44 -9 -14 -23 Total investment income on invested assets 226 210 436 190 209 835 219 214 433 Foreign exchange gains / losses -12 3 -9 5 0 -5 2 0 2 Income on other consolidated entities 1 0 1 1 1 3 1 1 2 Third party interest on consolidated funds1 24 20 43 25 21 89 19 24 44 Income on technical items and other2 6 0 6 3 -10 -2 7 -25 -17 Financing costs on real estate investments 1 1 3 1 1 6 2 1 3 IFRS investment income2 245 234 480 224 223 927 251 216 467
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46 By region Total EUR 6.3 bn 1. Supranational exposures consisting primarily of ‘‘European Investment Bank’’ securities and similar securities. No exposure to US municipal bonds 30 June 2026 Supranational1 22% China 15% USA 12% Canada 7% Australia 7% Republic of Korea 6% UK 5% Germany 5% Netherlands 5% India 4% Other 12% Total 100% Top exposures Total EUR 6.3 bn 10% 20% 6% 15% 44% 5% EU (excl UK) UK North America Korea China Other Appendix F: Government bond portfolio as at 30/06/2026
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47 By rating Total EUR 9.6bn 1. Including tier 1, upper tier 2 and tier 2 debts for financials. 2. Of which banks: 72%. By seniority Total EUR 9.6bn By region Total EUR 9.6bn By sector/type Total EUR 9.6bn 30 June 2026 Consumer, Non-cyclical 29% Financial2 23% Industrial 12% Consumer, Cyclical 11% Communications 10% Technology 9% Basic Materials 3% Funds 2% Energy 0% Government 0% Other 0% Total 100% Source: Bloomberg geography definitions Source: Bloomberg sector definitions 1 15% 53% 7% 2% 21% 1% AAA AA A BBB <BBB NR 19% 68% 6% 7% EU (excl UK) North America UK Other 95% 2% 2% 1% Senior Subordinated Hybrid Other Appendix F: Corporate bond portfolio as at 30/06/2026
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48 By rating Total EUR 1.5bn By seniority Total EUR 1.5bn By region Total EUR 1.5bn Top exposures Total EUR 1.5bn 30 June 2026 US 30% Canada 21% France 12% UK 7% Australia 6% Spain 5% Netherlands 5% Japan 4% China 3% Switzerland 2% Other 5% Total 100%1. Including tier 1, upper tier 2 and tier 2 debts for financials. 1 71% 24% 0% 5% 0% 0% 87% 9% <1% 4% Senior Subordinated Hybrid Other 26% 52% 7% 16% EU (excl UK) North America UK Other Appendix F: ‘‘Banks’’ corporate bond portfolio as at 30/06/2026 AAA AA A BBB <BBB NR
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49 By rating Total EUR 0.4bn By portfolio Total EUR 0.4bn 92% 3% <1% 4% AAA AA <BBB NR 94% 3% <1% 3% CLO CDO MBS Other Appendix F: Structured & securitized product portfolio as at 30/06/2026
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50 Loans portfolio by underlying assets Total EUR 1.0bn Equity portfolio by underlying assets Total EUR <0.1 bn Other investments Total EUR 1.4bn Real estate portfolio EUR 747m 30 June 2026 Real estate securities and funds 108 Direct real estate net of debt and including URGL 639 Direct real estate at amortized cost 685 Real estate URGL 81 Real estate debt -127 Total 747 34% 21% 44% Infrastructure loans Real estate loans Corporate and leveraged loans 93% 7% <1% Common shares Convertible bonds Preferred shares 17% 22% 16% 33% 12% 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 30/06/2026
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51 EUR m (rounded) Cash Fixed income Loans Equities Real estate Other investments Total invested assets Other deposits and other1 Accrued interest Technical items2 Total IFRS classifiion Real estate investments 685 6853 685 Investments at FVOCI1 17,956 1,016 18,971 135 178 19,285 Investments at FVTPL 203 14 61 108 1,132 1,518 2 1,520 Investments at amortized cost1 49 233 1,490 1,772 2 8 1,782 Derivative instruments 181 181 Total insurance business investments 49 18,391 2,520 61 793 1,132 22,946 138 188 181 23,453 Cash and cash equivalents 2,098 2,098 2,099 Total insurance business investments and cash and cash equivalents 2,147 18,391 2,520 61 793 1,132 25,044 138 188 181 25,551 3rd party gross invested Assets4 -181 -262 -1,541 -1 -27 -2,013 Other consolidated entities5 284 284 Direct real estate URGL 81 81 Direct real estate debt -127 -127 Cash payable/receivable6 -52 -52 Total SGI classifiion 1,914 18,128 979 60 747 1,390 23,218 Appendix F: Reconciliation of IFRS asset classification to SCOR investments quarterly results presentation as at 30/06/2026 1. Certain assets not held for investment purposes have been excluded from the scope of invested assets. 2. Including foreign exchange derivatives. 3. The total amount includes EUR 177 million held for sale in 2026. 4. Assets invested by third parties in mutual funds. 5. Certain consolidated entities held for investment purposes have been included in the scope of invested assets. 6. This relates to purchase of investments in June 2026 with normal settlements in July 2026
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52 EUR m 31/12/2025 30/06/2026 Variance YTD Fixed income URGL -291 -407 -116 Government bonds & assimilated1 17 -20 -37 Covered & agency MBS -57 -68 -11 Corporate bonds -251 -320 -69 Structured products 0 0 0 Loans URGL -2 -8 -6 Equities URGL 0 0 0 Real estate URGL 92 81 -11 Real estate securities 0 0 0 Direct real estate URGL2 92 81 -11 Other investments URGL 0 0 0 Invested assets URGL -201 -333 -133 Less direct real estate investments URGL2 -92 -81 11 URGL on 3rd party insurance business investments -1 -9 -8 URGL on non-invested assets AFS / FVTOCI instruments 37 33 -5 Total insurance business investments URGL -256 -390 -135 Gross asset revaluation reserve -255 -382 -127 Deferred taxes on asset revaluation reserve 57 77 20 Stock of technical OCI net of deferred taxes -843 -832 11 Other -2 -2 1 Total revaluation reserve -1,043 -1,138 -95 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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53 ISIN / Tranche Type Original amount issued (million) Issue date Next call date Maturity Initial Coupon Rate p.a. 3 FR0012770063 Fixed to Reset Rate Tier 2 Subordinated Notes EUR 2501 05/06/2015 05/06/2027 05/06/2047 3.25% until June 2027 FR0013179314 Fixed to Reset Rate Tier 2 Subordinated Notes EUR 5002 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 Reset Rate Tier 2 Subordinated Notes EUR 500 10/09/2025 10/03/2035 10/09/2055 4.522% until September 2035 FR0014018PB2 Perpetual Fixed Rate Resettable Restricted Tier 1 Notes EUR 500 05/06/2026 05/12/2035 05/06/2056 4.51% until June 2036 Appendix G: Debt structure as at 30/06/2026 1. Following the settlement of the Tender Offer (June 2026), the remaining outstanding amount of the Notes is EUR 123.5 milli on. 2. Following the settlement of the Tender Offer (June 2026), the remaining outstanding amount of the Notes is EUR 248.4 million. 3. The notes have resettable 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. For more information, refer to www.scor.com
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54 A+ Stable Outlook (June 2025) Stable Outlook (February 2026) Positive Outlook (October 2025) Stable Outlook (August 2025) A A+ A1 Appendix H: SCOR’s Financial Strength Rating
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55 55 Appendix H: SCOR's sustainability performance recognized by main ESG rating agencies F C D C D C B B C B 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Last Update: December 2025 Scale: D- to A (F corresponds to a non-disclosure) 39 63 56 60 2017 2018 2019 2020 2021 2022 2023 2024 2025 Scale : 0 to 100 Last Update: October 2025
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56 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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57 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. 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. 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. 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. Appendix J: Glossary – A to M
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58 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. Mortality The relative incidence of death of Life insureds or annuitants holding a Life insurance policy. Natural catastrophe ratio The natural catastrophe ratio is calculated by dividing P&C claims arising from natural astrophes by the P&C net insurance revenue. This ratio is net of retrocession. 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. 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). 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). Price change (for renewals) 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 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 alloion 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. 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). 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. Appendix J: Glossary – M to R
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59 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. Liquid assets 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 – S to U