Slides
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Q3 2026 results 30 October 2026 EUR 206 million net income in Q3 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 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), as well as the 2026 Half Year Report published on June 30, 2026 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, 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 2026 which is available on SCOR’s website www.scor.com. The financial results for the third quarter of 2026 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 for a period subsequent to September 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 Q3 2026 results 8–17 Appendix 19–53
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4 4 1. Excluding the mark to market impact of the option on own shares. Net income of EUR 603m and RoE of 18.9% 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. 9M 2026 includes a one-off arbitration impact of EUR -64m reported in Q2 2026. Adjusted for this impact, the ISR in 9M 2026 would have stood at EUR 340m. 5. In 9M 2026, fair value through income on invested assets excludes EUR -16m pre-tax related to the option on own shares granted to SCOR. 9M 2026 results P&C EUR 1,120 million New business CSM EUR 276 million ISR4 EUR 334 million in 9M 2025 EUR 309 million New business CSM3 Investments 3.7% Return on invested assets5 3.7% Regular income yield L&H Management expenses EUR 913 million Adjusted return on equity1,2 19.3% Adjusted net income1 EUR 615 million Gross Insurance revenue EUR 11.2 billion EUR 740 million ISR EUR 701 million in 9M 2025 81.3% Combined ratio 82.8% in 9M 2025
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5 Solvency ratio Adjusted return on equity2 YE 2025 9M 2026 at constant economics¹ 9M 2026 8.5 9.2 8.9 9M 2026 Annualized Forward 2026 assumption 19.3% >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 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. Excluding the mark to market impact of the option on own shares. Strong Group performance Economic Value EUR bn 9M 2026 Forward 2026 Optimal range 221% 185% to 220% +11.9% EV growth at constant economics1
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6 Delivering in all three business activities in 9M 2026 Regular income yieldInsurance service result1Combined ratio (EUR m) 1. Includes revenues on financial contracts reported under IFRS 9. 2. 9M 2026 includes a one-off arbitration impact of EUR -64m reported in Q2 2026. Adjusted for this impact, the normalised ISR in 9M 2026 would have stood at EUR 340m. 9M 2026 Forward 2026 assumption 81.3% < 87% 276 9M 20262 Forward 2026 assumption ∼0.4bn p.a. 9M 2026 2026 assumption 3.7% 3.4% to 3.8% P&C L&H Investments
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Agenda 2026 YTD performance 4–6 Q3 2026 results 8–17 Appendix 19–53
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8 Key messages P&C: 84.1% COR with Nat Cat ratio slightly better than budget, and including additional buffer build Investments: 3.7% return on invested assets and continued attractive reinvestment rate Q3 net income of EUR 206m and RoE of 20.4% Solvency ratio: 221%, with regular dividend accrual L&H: EUR 119m insurance service result, with experience variance within expected range 1. At constant economic assumptions (i.e. adjusted for interest rate 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. Economic Value: EUR 9.2bn, +11.9%1 vs FY 2025, mainly driven by P&C
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9 9 1. Annualized. 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. Insurance Service Result includes revenues on financial contracts reported under IFRS 9. Q3 2026 results P&C EUR 142 million New business CSM EUR 119 million ISR3 EUR 98 million in Q3 2025 EUR 93 million New business CSM2 Investments 3.7% Return on invested assets 4.1% Regular income yield L&H Management expenses EUR 304 million Return on equity1 20.4% Net income EUR 206 million Gross insurance revenue EUR 3.8 billion EUR 216 million ISR EUR 255 million in Q3 2025 84.1% Combined ratio 80.9% in Q3 2025
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10 P&C new business CSM EUR m, net of retrocession P&C: Strategic growth in preferred lines +2.3% +3.5%Insurance revenue growth 504 1,317 496 Q3 2025 1,357 498 Q3 2026 constant FX 1,372 Q3 2026 current FX Reinsurance SBS1 1,813 1,855 1,876 170 142 Q3 2025 Q3 2026 9M 2025 9M 2026 1,104 1,120 +1.4% P&C insurance revenue EUR m, gross of retrocession • Lower new business CSM in Q3 driven by a retrocession timing effect • Year-to-date new business CSM broadly flat, driven by reinsurance volumes and lower retrocession ceded margins, offsetting deteriorating reinsurance margins 1. SCOR Business Solutions. +3.0% +0.4% • Strong 2025 and 2026 renewals supported insurance revenue growth in Q3 2026 at constant FX, partly offset by a smaller impact of EGPI adjustment on existing business than in the previous quarter • YTD insurance revenue growth at 2.6% at constant FX, with contribution of both reinsurance and SBS
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11 P&C combined ratio P&C: Strong underlying performance P&C insurance service result EUR m 8.2% 2.7% -0.9% 79.2% -8.4% Q3 2025 8.0% 9.1% -0.6% 75.7% -8.1% Q3 2026 80.9% 84.1% Attributable expense Nat Cat ratio Effect of onerous contracts Attritional loss and commission ratio Discount effect 1 216 CSM amortization RA release Experience variance and others Impact of onerous contracts Q3 2026 Insurance service result 234 15 -35 2 1. Excluding the discounting effect on claims. • Nat Cat ratio at 9.1%, driven by Colombia earthquake and the accumulation of smaller events, opened at prudent levels. 9M Nat Cat ratio at 5.4% • Strong attritional loss performance with additional buffer building • Attributable expense ratio of 8.0% stable year-to-date • Experience variance and others mainly driven by buffer building with Nat Cat slightly better than budget
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12 L&H new business CSM1 EUR m, net of retrocession L&H: Continued delivery in Q3 Q3 2026 L&H insurance service result2 EUR m 82 93 294 309 Q3 2025 Q3 2026 9M 2025 9M 2026 1. Includes 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. • Q3 2026 new business CSM of EUR 93 million, driven by Protection and Financial Solutions • 9M 2026 new business CSM in line with the Forward 2026 guidance of EUR ~0.4bn p.a. 119 CSM amortization RA release Experience variance and others Impact of onerous contracts Revenues on financial contracts Insurance service result 95 31 12 -19 1 • Strong insurance results driven by higher Q3 CSM amortization. 9M 2026 CSM amortization in line with expectations • Experience variance and onerous contracts within expected range
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13 Total invested assets as at 30 September 2026 Investments: Regular income yield at 4.1% 1. Listed equity close to 0%; private equity included in Others. 2. Reinvestment rate is based on Q3 2026 asset allocation of yielding asset classes (fixed income, loans and real estate), according to current reinvestment duration assumptions. Yield curves & Spreads as at 30/09/2026. 3. Financial cash flows include current cash balances and future coupons and redemptions, as at 30 September 2026. EUR 23.2bn o/w Fixed income 79% Covered bonds & agency MBS 7% Corporate bonds 41% Structured & securitized products 2% Loans 4% Real estate 3% Government bonds & assimilated 28% Short-term investments 1% Others 6% Cash 8% Liquid assets 9% Equity 0% 1 EUR 23.2 billion invested assets, stable versus Q2 2026 EUR 211 million investment income on invested assets in Q3 2026 Regular income yield at 4.1% in Q3 2026, c. +60bps versus Q3 2025, driven by a larger PE fund distribution Return on invested assets at 3.7% in Q3 2026, +40bps versus Q3 2025 Reinvestment rate 2 at 5.0% as at 30 September 2026 Very high-quality fixed income portfolio (A+ average rating) with a duration of 4.3 years Highly liquid invested assets portfolio, with financial cash flows3 of EUR 8.9 billion expected over the next 24 months
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14 Liquid assets: EUR 2.3 billion EUR m Q3 2026 Q3 2025 9M 2026 9M 2025 Cash and cash equivalents opening 2,099 2,097 2,083 2,391 Net cash flows from operations: 559 459 883 1,005 P&C 410 476 809 923 L&H 179 -9 129 42 FX and hedging -30 -8 -55 40 Net cash flows used in investment activities1 -430 -582 -126 -863 Net cash flows used in financing activities2 -164 110 -787 -362 Effect of changes in foreign exchange rates 2 -34 11 -123 Total cash flow -34 -48 -19 -342 Cash and cash equivalentsas at 30 September 2,065 2,049 2,065 2,049 Short-term investments 218 143 218 143 Total liquid assets3 2,284 2,193 2,284 2,193 Operating cash flows of EUR 559 million in Q3 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 as at September 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 29 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 217m. Please refer to page 45 for additional details on 3rd party gross invested Assets as at 30 September 2026.
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15 9M 2026 Economic Value evolution EUR bn Economic Value: +11.9%1 in 9M 2026 • Strong EV growth driven by P&C and investment performance • Unfavorable market variances driven by higher interest rates 1. Growth at constant economic assumptions 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 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 4.4 YE 2025 EV 2025 dividend paid 4.1 4.1 YE 2025 EV adjusted for dividend Business impact Investment performance3 Taxes and other Q3 2026 EV 4.4 4.5 Market variances Q3 2026 EV at constant economics 4.7 4.5 8.5 -0.3 8.2 1.0 0.4 -0.5 9.2 -0.3 8.9 4.1 +11.9%
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16 1. 25% notional tax rate applied on CSM. 2. Calculated as the percentage of subordinated debt over 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 Q3 2026 Economic Value1 8.5 8.9 Subordinated debt 3.0 2.7 Financial leverage2 25.3% 22.8% Economic Value per share EUR 48 EUR 50 YE 2025 Q3 2026 3.0 8.5 2.7 8.9 Subordinated debt Economic Value EUR bn Economic Value per share: EUR 50 as at 30 September 2026
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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 Q4 2026 results & 1.1 renewals 4 March 2027 CITI European Insurance conference 14 January 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 Q1 2027 results 5 May 2027 Morgan Stanley European Financials 9 March 2027
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Agenda 2026 YTD performance 4–6 Q3 2026 results 8–17 Appendix 19–53
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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 Q3 2026 Q3 2025 Variation at current FX Variation at constant FX Insurance revenue 3,757 3,713 1.2% -0.1% Net insurance revenue 2,884 2,913 -1.0% Insurance service result 336 353 -4.9% Net income1 206 211 -2.3% Management expenses 304 307 -1.0% Investment income on invested assets 211 190 11.0% Return on invested assets 3.7% 3.3% 0.4 pts Annualized RoE1 20.4% 21.5% -1.2 pts Shareholders’ equity 4,303 4,335 -0.7% Economic Value 8,864 8,536 3.8% Economic Value growth n.a. n.a. n.a. Economic Value per share (EUR) 50 48 3.4% Operating cash flow 559 459 21.7% New business CSM 142 170 -16.1% Insurance revenue 1,876 1,813 3.5% 2.3% Combined ratio 84.1% 80.9% 3.2 pts New business CSM2 93 82 13.0% Insurance revenue 1,881 1,900 -1.0% -2.3% Insurance service result3 119 98 21.3% GroupP&CL&H 1. Q3 2025 adjusted for the mark to market impact 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: Q3 2026 financial details
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21 EUR m 9M 2026 9M 2025 Variation at current FX Variation at constant FX Insurance revenue 11,196 11,596 -3.4% -0.2% Net insurance revenue 8,926 9,097 -1.9% Insurance service result 1,016 1,035 -1.8% Net income1 615 631 -2.6% Management expenses 913 921 -0.9% Investment income on invested assets 644 626 2.9% Return on invested assets 3.7% 3.5% 0.2 pts Annualized RoE1 19.3% 19.5% -0.3 pts Shareholders’ equity 4,303 4,335 -0.7% Economic Value 8,864 8,536 3.8% Economic Value growth2 11.9% 12.7% -0.8pts Economic Value per share (EUR) 50 48 3.4% Operating cash flow 883 1,005 -12.1% New business CSM 1,120 1,104 1.4% Insurance revenue 5,484 5,504 -0.4% 2.6% Combined ratio 81.3% 82.8% -1.5 pts New business CSM3 309 294 5.0% Insurance revenue 5,712 6,091 -6.2% -2.7% Insurance service result4 276 334 -17.4% 1. Excluding the mark to market impact of the option on own shares. 9M 2026 net income of EUR 603m and RoE of 18.9% 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: 9M 2026 financial details P&CL&H Group
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22 EUR m Q3 2026 Q3 2025 Insurance revenue 3,757 3,713 Insurance service expenses -3,269 -3,139 Gross insurance service result 488 574 Ceded insurance revenue -874 -800 Ceded insurance service expenses 720 576 Ceded insurance service result (reinsurance result) -153 -223 Net revenues associated with financial reinsurance contracts 1 2 Insurance service result incl. revenues associated with financial reinsurance contracts 336 353 Insurance finance income and expenses -120 -108 Other income and expenses 11 14 Investment income 235 224 Interest revenue financial assets not measured FVTPL 207 195 Other investment revenue 43 42 Net impairment losses -15 -12 Share attributable to third party interests in consolidated funds -11 -25 Investment management expenses -18 -17 Other non-attributable expenses -111 -126 Other operating income and expenses -1 -2 Operating results before impact of acquisitions 321 313 Acquisition-related expenses 0 0 Gain on bargain purchase 0 0 Operating results 321 313 Financing expenses -32 -32 Share in results of associates 0 0 Corporate income tax -82 -64 Consolidated net income 206 217 of which non-controlling interests 0 0 Consolidated net income, Group share 206 217 Appendix A: Q3 2026 consolidated statement of income
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23 EUR m 9M 2026 9M 2025 Insurance revenue 11,196 11,596 Insurance service expenses -9,459 -9,903 Gross insurance service result 1,737 1,693 Ceded insurance revenue -2,270 -2,498 Ceded insurance service expenses 1,544 1,832 Ceded insurance service result (reinsurance result) -726 -666 Net revenues associated with financial reinsurance contracts 5 9 Insurance service result incl. revenues associated with financial reinsurance contracts 1,016 1,035 Insurance finance income and expenses -349 -340 Other income and expenses 27 38 Investment income1 702 704 Interest revenue financial assets not measured FVTPL 610 603 Other investment revenue 123 131 Net impairment losses -31 -30 Share attributable to third party interests in consolidated funds -56 -68 Investment management expenses -52 -59 Other non-attributable expenses -337 -325 Other operating income and expenses -9 -8 Operating results before impact of acquisitions 942 978 Acquisition-related expenses 0 0 Gain on bargain purchase 0 0 Operating results 942 978 Financing expenses -107 -98 Share in results of associates 0 0 Corporate income tax -232 -238 Consolidated net income1 603 642 of which non-controlling interests 0 0 Consolidated net income1, Group share 603 642 Appendix A: 9M 2026 consolidated statement of income 1. Taking into account the mark to market impact of the option on own shares. 9M 2026 impact of EUR -16 million before tax.
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24 Q3 2026 Q3 2025 EUR m L&H P&C Total L&H P&C Total Gross insurance revenue 1,881 1,876 3,757 1,900 1,813 3,713 Gross insurance service expense -1,731 -1,538 -3,269 -1,814 -1,325 -3,139 Gross insurance service result 150 338 488 86 488 574 Ceded insurance revenue -357 -516 -874 -318 -482 -800 Ceded insurance service expense 326 395 720 327 249 576 Ceded insurance service result (reinsurance result) -31 -122 -153 10 -233 -223 Net revenues associated with financial reinsurance contracts 1 0 1 2 0 2 Insurance service result incl. revenues associated with financial reinsurance contracts 119 216 336 98 255 353 Insurance finance income and expenses 3 -123 -120 1 -110 -108 Other income and expenses 11 14 Investment income 235 224 Share attributable to third party interests in consolidated funds -11 -25 Investment management expenses -18 -17 Other non-attributable expenses -111 -126 Other operating income and expenses -1 -2 Operating results before impact of acquisitions 321 313 Appendix A: Q3 2026 consolidated operating results by segment
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25 9M 2026 9M 2025 EUR m L&H P&C Total L&H P&C Total Gross insurance revenue 5,712 5,484 11,196 6,091 5,504 11,596 Gross insurance service expense -5,179 -4,280 -9,459 -5,785 -4,118 -9,903 Gross insurance service result 533 1,204 1,737 306 1,387 1,693 Ceded insurance revenue -750 -1,520 -2,270 -1,070 -1,428 -2,498 Ceded insurance service expense 488 1,056 1,544 1,090 743 1,832 Ceded insurance service result (reinsurance result) -262 -464 -726 20 -686 -666 Net revenues associated with financial reinsurance contracts 5 0 5 9 0 9 Insurance service result incl. revenues associated with financial reinsurance contracts 276 740 1,016 334 701 1,035 Insurance finance income and expenses 9 -358 -349 4 -344 -340 Other income and expenses 27 38 Investment income1 702 704 Share attributable to third party interests in consolidated funds -56 -68 Investment management expenses -52 -59 Other non-attributable expenses -337 -325 Other operating income and expenses -9 -8 Operating results before impact of acquisitions 942 978 Appendix A: 9M 2026 consolidated operating results by segment 1. Taking into account the mark to market impact of the option on own shares. 9M 2026 impact of EUR -16 million before tax.
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26 EUR m Q3 2026 YE 2025 Goodwill arising from insurance activities 802 802 Goodwill arising from non-insurance activities 82 82 Insurance business investments 23,539 23,882 Real estate investments 690 686 Investments at fair value through other comprehensive income 19,403 19,716 Investments at fair value through profit and loss 1,510 1,485 Investments at amortized cost 1,770 1,842 Derivative instruments 166 153 Investments in associates 2 2 Insurance contract assets (assumed business) 3,679 2,728 Reinsurance contracts assets (retrocession) 3,711 3,910 Other assets 2,816 2,611 Deferred tax assets 1,128 1,013 Taxes receivable 169 155 Miscellaneous assets1 1,515 1,439 Deposits 4 4 Cash and cash equivalents 2,065 2,083 Total assets 36,694 36,100 Appendix B: Consolidated balance sheet – Assets 1. Include other intangible assets, tangible assets and other assets.
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27 EUR m Q3 2026 YE 2025 Group shareholders’ equity 4,303 4,427 Non-controlling interest 0 0 Total shareholders’ equity 4,303 4,427 Financial debt 3,239 3,574 Subordinated debt 2,688 2,977 Real estate financing 419 453 Other financial debt 131 145 Employee benefits and other provisions 57 76 Insurance contract liabilities (assumed business) 23,156 22,053 Reinsurance contracts liabilities (retrocession) 2,246 2,334 Investment and financial contract liabilities 0 0 Other liabilities 3,694 3,637 Derivative instruments 301 114 Deferred tax liabilities 351 430 Taxes payable 275 256 Miscellaneous liabilities 744 770 Third party interests in consolidated funds 2,023 2,067 Total shareholders’ equity & liabilities 36,694 36,100 Appendix B: Consolidated balance sheet – Liabilities & shareholders’ equity
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28 EUR m Q3 2026 Q3 2025 Cash and cash equivalents at the beginning of the period 2,099 2,097 Net cash flows in respect of operations 559 459 Cash flow in respect of changes in scope of consolidation 0 0 Cash flow in respect of acquisitions and sale of financial assets -419 -573 Cash flow in respect of acquisitions and disposals of tangible and intangible fixed assets -11 -9 Net cash flows in respect of investing activities -430 -582 Transactions on treasury shares and issuance of equity instruments -17 -24 Dividends paid 0 0 Cash flows in respect of shareholder transactions -17 -24 Cash related to issue or reimbursement of financial debt -19 179 Interest paid on financial debt -24 -18 Other cash flow from financing activities -103 -27 Cash flows in respect of financing activities -147 134 Net cash flows in respect of financing activities -164 110 Effect of changes in foreign exchange rates 2 -34 Cash and cash equivalents at the end of the period 2,065 2,049 Appendix B: Consolidated statements of cash flows QTD
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29 EUR m 9M 2026 9M 2025 Cash and cash equivalents at the beginning of the period 2,083 2,391 Net cash flows in respect of operations 883 1,005 Cash flow in respect of changes in scope of consolidation 15 0 Cash flow in respect of acquisitions and sale of financial assets -113 -845 Cash flow in respect of acquisitions and disposals of tangible and intangible fixed assets -28 -17 Net cash flows in respect of investing activities -126 -863 Transactions on treasury shares and issuance of equity instruments -41 -47 Dividends paid -340 -322 Cash flows in respect of shareholder transactions -381 -369 Cash related to issue or reimbursement of financial debt -216 153 Interest paid on financial debt -86 -95 Other cash flow from financing activities -104 -51 Cash flows in respect of financing activities -406 7 Net cash flows in respect of financing activities -787 -362 Effect of changes in foreign exchange rates 11 -123 Cash and cash equivalents at the end of the period 2,065 2,049 Appendix B: Consolidated statements of cash flows YTD
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30 CSM roll-forward 9M 2026 EUR m, net of retrocession L&H P&C Total Net opening CSM 4,933 527 5,460 New business CSM1 309 1,120 1,429 CSM amortization -270 -750 -1,020 Interest accretion 101 48 149 Change in operating assumptions 74 -102 -28 Change in economic assumptions and other 78 13 91 Net closing CSM 5,225 856 6,081 Deferred tax2 -1,306 -214 -1,520 Net closing CSM, net of tax 3,919 642 4,561 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 2026 impact of EUR -16 million before tax. Shareholders’ equity roll-forward 9M 2026 EUR m Opening shareholders’ equity (YE 2025)3 4,427 Net income4 603 Revaluation reserves movements -641 Currency translation adjustment 41 Other 209 Closing shareholders’ equity (Q3 2026)3, 4 before dividend 4,639 Dividend distributed -336 Closing shareholders’ equity (Q3 2026)3,4 4,303
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31 0.5 1.0 13.0 -0.6 YE 2025 0.9 1.1 12.4 -0.4 9M 2026 14.0 14.0 4.9 2.5 -3.6 -0.2 YE 2025 5.2 2.0 -3.2 0.0 9M 2026 3.7 4.0 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 2026 Q3 2025 Group net income1 (A) in EUR m 206 217 Average number of opening shares (1) 179,400,399 179,389,135 Impact of new shares issued (2) in EUR m 311 2,175 Time weighted treasury shares (3) -628,975 -1,012,532 Basic Number of Shares (B) = (1)+(2)+(3) 178,771,735 178,378,778 Basic EPS (A)/(B) in EUR 1.16 1.22 Appendix C: EPS, book value per share and RoE QTD 1. Excluding non-controlling interests. 2. 50% of the movement in the period. Book value per share calculation Q3 2026 Q3 2025 Group shareholders’ equity1 (A) in EUR m 4,303 4,335 Shares issued at the end of the quarter (1) 179,402,772 179,423,762 Treasury shares at quarter end2 (2) -1,301,817 -2,033,779 Basic number of shares (B) = (1)+(2) 178,100,955 177,389,983 Basic book value PS (A)/(B) in EUR 24.16 24.44 CSM net of tax (C) in EUR m 4,561 4,201 Economic book value PS [(A)+(C)]/(B) 49.77 48.12 Post-tax return on equity (RoE) EUR m Q3 2026 Q3 2025 Group net income1 206 217 Opening shareholders’ equity 4,408 4,129 Weighted Group net income2 103 108 Payment of dividends - - Weighted increase in capital 0 0 Effects of changes in foreign exchange rates2 37 -20 Change in revaluation reserve – measured at FVTOCI and other2 -192 14 Weighted average shareholders’ equity 4,356 4,232 Annualized RoE 20.4% 22.1%
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33 Earnings per share calculation 9M 2026 9M 2025 Group net income1, 2 (A) in EUR m 603 642 Average number of opening shares (1) 179,424,410 179,577,400 Impact of new shares issued (2) in EUR m -13,240 -109,145 Time weighted treasury shares (3) -575,057 -774,052 Basic Number of Shares (B) = (1)+(2)+(3) 178,836,113 178,694,203 Basic EPS2 (A)/(B) in EUR 3.37 3.59 Appendix C: 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. 9M 2026 impact of EUR -16 million before tax. 3. 50% of the movement in the period. Book value per share calculation 9M 2026 9M 2025 Group shareholders’ equity1 (A) in EUR m 4,303 4,335 Shares issued at the end of the quarter (1) 179,402,772 179,423,762 Treasury shares at quarter3 end (2) -1,301,817 -2,033,779 Basic number of shares (B) = (1)+(2) 178,100,955 177,389,983 Basic book value PS (A)/(B) in EUR 24.16 24.44 CSM net of tax (C) in EUR m 4,561 4,201 Economic book value PS [(A)+(C)]/(B) 49.77 48.12 Post-tax return on equity (RoE2) EUR m 9M 2026 9M 2025 Group net income1,2 603 642 Opening shareholders’ equity 4,427 4,524 Weighted Group net income2,3 302 321 Payment of dividends -184 -175 Weighted increase in capital 0 -3 Effects of changes in foreign exchange rates3 21 -372 Change in revaluation reserve – measured at FVTOCI and other3 -213 119 Weighted average shareholders’ equity 4,351 4,415 Annualized RoE2 18.9% 19.9%
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34 EUR m1 Q3 2026 Q3 2025 Attributable management expenses -180 -168 Investment management expenses (non-attributable) -18 -17 Other non-attributable management expenses -106 -122 Total management expenses -304 -307 Appendix D: Total management expenses 1. Numbers on this page do not include Lloyd’s expenses. EUR m1 9M 2026 9M 2025 Attributable management expenses -538 -549 Investment management expenses (non-attributable) -52 -59 Other non-attributable management expenses -322 -313 Total management expenses -913 -921
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35 1. Excludes the discounting effect on claims. Combined ratio calculation EUR m Q3 2026 Q3 2025 Insurance revenue 1,876 1,813 Ceded insurance revenue -516 -482 Net insurance revenue (A) 1,360 1,331 Insurance service expense -1,538 -1,325 Ceded insurance service expense 395 249 Net insurance service expense (B) -1,144 -1,076 Total combined ratio: -(B)/(A) 84.1% 80.9% Insurance service result: (A)+(B) 216 255 Appendix E: Calculation of P&C combined ratio QTD Detail of P&C combined ratio EUR m, net of retrocession Q3 2026 Q3 2025 P&C attributable expenses 8.0% 8.2% Natural catastrophe loss 9.1% 2.7% Effect of onerous contracts -0.6% -0.9% Attritional loss, commissions and others1 75.7% 79.2% Discount effect -8.1% -8.4% Total combined ratio 84.1% 80.9%
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36 1. Excludes the discounting effect on claims. Combined ratio calculation EUR m 9M 2026 9M 2025 Insurance revenue 5,484 5,504 Ceded insurance revenue -1,520 -1,428 Net insurance revenue (A) 3,964 4,076 Insurance service expense -4,280 -4,118 Ceded insurance service expense 1,056 743 Net insurance service expense (B) -3,224 -3,375 Total combined ratio: -(B)/(A) 81.3% 82.8% Insurance service result: (A)+(B) 740 701 Appendix E: Calculation of P&C combined ratio YTD Detail of P&C combined ratio EUR m, net of retrocession 9M 2026 9M 2025 P&C attributable expenses 8.0% 7.9% Natural catastrophe loss 5.4% 6.4% Effect of onerous contracts 0.1% -0.6% Attritional loss, commissions and others1 76.7% 77.1% Discount effect -8.9% -8.0% Total combined ratio 81.3% 82.8%
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37 Tactical Asset Allocation in % of invested assets 2024 2025 2026 “Forward 2026” Strategic Asset Allocation in % of invested assets Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Min Max Cash 8% 6% 7% 9% 7% 8% 7% 8% 8% 8% 8% 5%1 - Fixed income 79% 80% 79% 78% 79% 78% 79% 79% 79% 78% 79% 70% - Short-term investments 1% 1% 1% 0% 1% 1% 1% 1% 1% 1% 1% 5%1 - Government bonds & assimilated 22% 22% 22% 23% 23% 23% 25% 27% 27% 27% 28% - 100% Covered bonds & Agency MBS 8% 8% 8% 8% 8% 7% 7% 8% 8% 7% 7% - 20% Corporate 45% 45% 46% 45% 46% 45% 44% 42% 42% 41% 41% - 50% Structured & securitized products 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% - 10% Loans 5% 5% 5% 5% 5% 5% 5% 4% 4% 4% 4% - 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 5% 6% 6% 5% 5% 6% 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 23.2 Appendix F: Investment portfolio asset allocation as at 30/09/2026 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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38 Annualized returns 2026 Q1 Q2 Q3 9M 3.7%Return on invested assets 1, 2 3.8% 3.7% 3.7% Regular income 3.6% 3.6% 4.1% 3.7% Investment gains and losses 0.3% 0.4% -0.2% 0.2% Net impairment and amortization -0.1% -0.2% -0.3% -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 -16m in 9M 2026 related to the option on own shares granted to SCOR. Annualized returns 2025 Q1 Q2 Q3 9M Q4 FY Return on invested assets 1 3.8% 3.6% 3.3% 3.5% 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% 0.2% 0.3% 0.0% 0.2% Net impairment and amortization -0.1% -0.1% -0.4% -0.2% -0.2% -0.2%
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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. 9M 2026 impact is EUR -16 million before tax. 2025 2026 EUR m Q1 Q2 Q3 9M Q4 FY Q1 Q2 Q3 9M Interest revenue on debt instruments not measured at FVTPL 182 175 172 530 178 708 177 179 183 539 Other regular income (dividends and interest) 22 20 21 63 35 98 26 20 47 93 Net real estate rental income 4 8 8 20 8 28 8 8 5 21 Regular income 209 203 201 614 221 835 210 207 235 653 Realized gains / losses on debt instruments not measured at FVTPL 0 -2 -1 -3 1 -1 4 3 -5 2 Realized gains / losses on real estate 0 0 0 0 0 0 0 0 1 1 Change in fair value 21 13 14 48 -3 46 13 18 -7 25 Investment gains and losses 22 11 13 45 -1 44 18 21 -10 29 Real estate amortization and impairment -4 -9 -17 -31 -16 -47 -7 -7 -2 -16 Net impairment loss on financial assets (*change in ECL) -2 -5 -11 -18 1 -17 -9 1 -11 -19 Other income 2 10 4 16 3 19 8 -9 -1 -2 Net impairment and amortization -4 -4 -25 -33 -11 -44 -9 -14 -15 -38 Total investment income on invested assets 226 210 190 626 209 835 219 214 211 644 Foreign exchange gains / losses -12 3 5 -4 0 -5 2 0 10 12 Income on other consolidated entities 1 0 1 2 1 3 1 1 1 3 Third party interest on consolidated funds1 24 20 25 68 21 89 19 24 11 55 Income on technical items and other2 6 0 3 9 -10 -2 7 -25 1 -16 Financing costs on real estate investments 1 1 1 4 1 6 2 1 1 4 IFRS investment income2 245 234 224 704 223 927 251 216 235 702
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40 By region Total EUR 6.6 bn 1. Supranational exposures consisting primarily of ‘‘European Investment Bank’’ securities and similar securities. No exposure to US municipal bonds 30 September 2026 Supranational1 20% China 15% USA 14% Canada 8% Germany 7% Republic of Korea 7% Australia 6% UK 5% Netherlands 4% India 4% Other 11% Total 100% Top exposures Total EUR 6.6 bn 11% 22% 7%15% 40% 5% EU (excl UK) UK North America Korea China Other Appendix F: Government bond portfolio as at 30/09/2026
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41 By rating Total EUR 9.5bn 1. Including tier 1, upper tier 2 and tier 2 debts for Financials. 2. Of which Banks: 72%. By seniority Total EUR 9.5bn By region Total EUR 9.5bn By sector/type Total EUR 9.5bn 30 September 2026 Consumer, Non-cyclical 29% Financials 2 23% Industrial 12% Consumer, Cyclical 11% Communications 10% Technology 8% Utilities 3% Basic Materials 2% Funds 0% Energy 0% Government 0% Total 100% Source: Bloomberg geography definitions Source: Bloomberg sector definitions 1 15% 54% 7% 2% 20% 1% AAA AA A BBB <BBB NR 19% 67% 6% 8% EU (excl UK) North America UK Other 95% 2% 2% 1% Senior Subordinated Hybrid Other Appendix F: Corporate bond portfolio as at 30/09/2026
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42 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 September 2026 US 29% Canada 22% France 12% UK 7% Australia 6% Spain 5% Netherlands 5% Japan 4% China 3% Sweden 2% Other 4% Total 100%1. Including tier 1, upper tier 2 and tier 2 debts for Financials. 1 73% 22% 0% 5% 0% 0% 87% 9% <1% 4% Senior Subordinated Hybrid Other 26% 51% 7% 15% EU (excl UK) North America UK Other Appendix F: ‘‘Banks’’ corporate bond portfolio as at 30/09/2026 AAA AA A BBB <BBB NR
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43 By rating Total EUR 0.4bn By portfolio Total EUR 0.4bn 93% 4% 3% <1% AAA AA <BBB NR 94% 3% <1% 3% CLO CDO MBS Other Appendix F: Structured & securitized product portfolio as at 30/09/2026
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44 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 749m 30 September 2026 Real estate securities and funds 107 Direct real estate net of debt and including URGL 642 Direct real estate at amortized cost 690 Real estate URGL 77 Real estate debt -125 Total 749 33% 21% 45% Infrastructure loans Real estate loans Corporate and leveraged loans 98% <1% 2% 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 30/09/2026
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45 EUR m 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 690 690 690 Investments at FVOCI1 18,056 1,018 19,074 135 194 19,403 Investments at FVTPL 197 14 56 107 1,132 1,506 4 1,510 Investments at amortized cost1 55 232 1,467 1,755 2 13 1,770 Derivative instruments 166 166 Total insurance business investments 55 18,485 2,500 56 797 1,132 23,025 137 211 166 23,539 Cash and cash equivalents 2,064 2,064 2,064 Total insurance business investments and cash and cash equivalents 2,120 18,485 2,500 56 797 1,132 25,089 137 211 166 25,603 3rd party gross invested assets3 -217 -256 -1,525 -30 -2,028 Other consolidated entities4 283 283 Direct real estate URGL 77 77 Direct real estate debt -125 -125 Cash payable/receivable5 -124 -124 Total SGI classification 1,779 18,229 975 56 749 1,385 23,172 Appendix F: Reconciliation of IFRS asset classification to SCOR investments quarterly results presentation as at 30/09/2026 1. Certain assets not held for investment purposes have been excluded from the scope of invested assets. 2. Including foreign exchange derivatives. 3. Assets invested by third parties in mutual funds. 4. Certain consolidated entities held for investment purposes have been included in the scope of invested assets. 5. This relates to purchase of investments in September 2026 with normal settlements in October 2026
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46 EUR m 31/12/2025 30/09/2026 Variance YTD Fixed income URGL -291 -918 -627 Government bonds & assimilated1 17 -191 -208 Covered & agency MBS -57 -151 -94 Corporate bonds -251 -576 -325 Structured products 0 0 0 Loans URGL -2 -11 -9 Equities URGL 0 0 0 Real estate URGL 92 77 -15 Real estate securities 0 0 0 Direct real estate URGL2 92 77 -15 Other investments URGL 0 0 0 Invested assets URGL -201 -852 -652 Less direct real estate investments URGL2 -92 -77 15 URGL on 3rd party insurance business investments -1 -19 -18 URGL on non-invested assets AFS / FVTOCI instruments 37 32 -5 Total insurance business investments URGL -256 -916 -660 Gross asset revaluation reserve -255 -897 -642 Deferred taxes on asset revaluation reserve 57 195 138 Stock of technical OCI net of deferred taxes -843 -839 5 Other -2 -1 1 Total revaluation reserve -1,043 -1,541 -498 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. 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 Fixed to Reset Rate Tier 2 Subordinated Notes EUR 500 05/06/2026 05/12/2035 05/06/2056 4.51% until June 2036 Appendix G: Debt structure as at 30/09/2026 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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48 A+ Stable Outlook (September 2026) Stable Outlook (February 2026) Positive Outlook (October 2025) Stable Outlook (August 2026) A A+ A1 Appendix H: SCOR’s Financial Strength Rating
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49 49 Appendix H: SCOR's sustainability performance recognized by main ESG rating agencies F C D C D C 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 62 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Scale : 0 to 100 Last Update: October 2026 Scale : CCC to AAA Last Update: October 2026 BB BBB AA 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 AA
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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. 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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52 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 catastrophes 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 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. 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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53 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