Activity Report 2024 TRANS- FORMING TOMORROW
A FORWARD- LOOKING VISION
In the ever-evolving risk landscape, SCOR is poised to become the reinsurer of tomorrow. Recognized for our deep technical knowledge, (re)insurance expertise, and steadfast dedication to sustainability and societal wellbeing, SCOR has carved out a unique position in the industry. At the heart of our operations is a commitment to developing tailormade solutions that address the unique needs of our clients. Indeed, SCOR’s approach is not one-sizefits-all; instead, we pride ourselves on building strong partnerships with our clients to co-create customized solutions that deliver the highest value. By focusing on today’s expertise and tomorrow’s opportunities, our experts take a forward-thinking approach that enables us to prioritize innovation to help clients enhance their resilience and that of societies. As the (re)insurance landscape continues to evolve, SCOR is ready to manage disruptions, embrace new opportunities, and drive the industry forward.. ACTIVITY REPORT 2024 3
Our contributors 06 SCOR at a Glance 08 Letter to shareholders 10 SCOR’s 2024 results and nonfinancial highlights 14 SCOR’s Executive Committee 16 SCOR’s Board of Directors 18 Bridging the protection gap 22 Looking forward 24 Deepening our risk knowledge 36 Empowering our global workforce 48 CONTENTS 20 10 OUR VISION TRANS- FORMING TOMORROW WITH 4 ACTIVITY REPORT 2024
SCOR Property & Casualty 60 SCOR Life & Health 72 SCOR Investments 84 OUR SOLUTIONS 58 5
1. LOUIS BOURROUSSE CEO of SCOR Investment Partners “Maintaining our clients’ trust and confidence continues to be key to our team’s success. Our emphasis on transparency, risk management, and diversification has also played a crucial role in achieving these results.” p.90 2. MATT COLLINS Head of Longevity “Data is fundamental to our understanding of demographic changes and how they might impact our clients’ longevity risks. Beyond that, data can offer us key insights that allow us to tailor our solutions to fit market and client needs.” p.76 3. CAROLE DE ROZIERES Head of Group Investment Office “Good decisions are built on good data. As we share this data with other teams, we will see better alignment of investments with liabilities, improved risk management, and enhanced overall financial strength.” P.88 4. HENRI DOUCHE Head of P&C Product & Innovation “SCOR’s sustainability policy emphasizes the importance of optimizing our positive impact on nature and people by contributing to the welfare, resilience, and sustainable development of societies. The NatReCo Initiative aligns closely with this goal by addressing key environmental challenges and promoting ecological restoration.” P.68 5. RAPHAEL GOLDEMANN Senior Risk Manager “The process involves a wide community of observers and results in individual risk assessments, enhancing our preparedness and resilience. It also contributes to our Raison d’Être — combining the Art & Science of Risk to protect societies — and our strategic objective to be future-ready.” P.40 6. YVES GOLDSCHILD Chief Human Resources Officer “The SCOR Way isn’t something we did to check off a list and forget about. These values came from our employees and we want to ensure that they’re an integral part of our day-today life at SCOR.” P.52 7. SABRINA KRUSE Group Head of Diversity, Inclusion, and Engagement “Sustainability is at the heart of who we are and what we do at SCOR. We deeply believe that we have a role to play to protect and positively impact not only ecosystems but also the communities around us.” P.56 8. SOFIA KYRIAKOPOULOU Chief Data & Analytics Officer “In reinsurance, data is the backbone of every key decision — from client submissions to pricing, underwriting, claims, reserving, and finance. The ability to harness data effectively is no longer optional; it’s critical to remaining relevant in a rapidly evolving industry.” P.34 9. MICHÈLE LACROIX Group Head of Sustainability “From the first internal conversations around a new idea to the full design of a solution, collaboration with internal and external stakeholders is key to getting these solutions off the ground.” P.30 10. ERIC LE MERCIER Head of Alternative Solutions “We believe in partnering with our clients, not assuming we know what they need. The only way to create a solution that meets their needs is to take the time to have those discussions with them.” P.64 11. CÉLINE LOUVET Head of People Development, Talent, and Change Management “The (re)insurance industry promises a diversity of career paths where employees can hone their expertise, innovate, and have a real impact on the resilience and security of societies.” P.54 OUR CONTRIBUTORS 6. 1. 7. 2. 3. 4. 5. 6 ACTIVITY REPORT 2024
16. 11. 17. 12. 8. 18. 13. 9. 19. 14. 10. 20. 15. 12. IRENE MERK Senior Actuary and Emerging Risk Ambassador “International collaboration is crucial in addressing the multifaceted challenges posed by emerging risks. Weakening international collaboration is a trend that will have a negative impact on almost all of our emerging risks.” P.44 13. BROCK ROBBINS CEO of SCOR L&H US “The US market is unique due to the structure of the healthcare system, which leads to significant differences in mortality expectations by socioeconomic class. This presents both challenges and opportunities for us to have a real positive impact by offering tailored insurance solutions to underserved middle markets.” P.83 14. EMMANUEL ROBIN Auto Underwriting Innovation Manager “We take a proactive approach to identifying partners with strong knowledge of local market conditions. But just as important is partnering with our clients so that we can understand their needs.” P.66 15. DIDIER SCHUTZ Risk Control Practice Leader Property Non-Energy “Risk prevention is crucial, not just for our industry but for the wellbeing of individuals and societies. Prevention enhances risk management, promotes sustainability, and fosters resilience. For SCOR, it means staying at the forefront of risk management and supporting clients by providing clear resources.” P.46 16. DAVID SÜTTERLE Chief Client Solutions Officer L&H & CEO of SCOR Digital Solutions “No matter where our clients are on their digital transformation journey, our modular and integrated underwriting and claims solutions prepare them for the future of AI.” P.80 17. PHILIPPE TRAINAR Head of the SCOR Corporate Foundation for Science “By fostering strong partnerships, the SCOR Foundation advances scientific knowledge and promotes best practices in risk management, benefiting both SCOR and the entire industry. However, these topics have implications far beyond the reinsurance industry and we help researchers share their findings widely through workshops, conferences, and webinars.” P.32 18. ALEXANDRE TZENEV Head of Financial Solutions Business Development “Our team creates solutions that meet specific client needs by adapting to various factors such as market conditions, changes in solvency regulations, and accounting regimes. Each solution we provide is unique and specifically catered to the client’s requirements.” P.78 19. YUN WAI-SONG Head of Sustainable Investment “We believe that our investments have the potential to mitigate environmental risks and support long-term economic growth for the benefit of SCOR and societies. By prioritizing sustainability, we aim to drive positive impact, enhance resilience, and contribute to a more sustainable and equitable future for all.” P.92 20. CHLOE WANG Head of SCOR L&H APAC and CEO of SCOR China “I believe good leaders build good culture. I always tell my team that the only thing I know is that I don’t know everything. Having that selfawareness is important and leaves room for everyone to improve, which benefits us as individuals, as a team, and as a company.” P.82 7
SCOR AT A GLANCE Local knowledge with a global reach As a leading global reinsurer, SCOR offers our clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk. Applying The Art & Science of Risk, we use our industry-recognized expertise and cutting-edge financial solutions to serve our clients and contribute to the welfare and resilience of societies. The Group generated premiums of EUR 20.1 billion in 2024 and serves clients in more than 150 countries from our 37 offices worldwide. 5,000 clients throughout the world 3,621 employees of 65 nationalities 37 offices worldwide 1. Argentina: Buenos Aires 2. Australia: Sydney 3. Belgium: Brussels 4. Brazil: Porto Alegre, Rio de Janeiro, São Paulo 5. Canada: Montreal, Toronto 6. Colombia: Bogota 7. France: Paris 8. Germany: Cologne 9. Greater China: Beijing, Hong Kong, Taipei 10. India: Mumbai 11. Ireland: Dublin 12. Italy: Milan 13. Japan: Tokyo 14. Malaysia: Kuala Lumpur 15. Mexico: Mexico City 16. Netherlands: Amsterdam, Rotterdam 17. Russia: Moscow 18. Singapore: Singapore 19. South Africa: Johannesburg 20. South Korea: Seoul 21. Spain: Madrid 22. Sweden: Stockholm 23. Switzerland: Zurich 24. UK: London 25. US: Charlotte, Chicago, Houston, Kansas City, Miami, Minneapolis, New York 8 ACTIVITY REPORT 2024
P&C gross written premium split in % (rounded) €20.1 billion gross written premiums €9.9 billion gross written premiums P&C 73% of electricity in SCOR offices comes from renewable sources 100% of 2024 reported GHG emissions on own operations are offset 48% reduction in carbon intensity per employee vs 2019 (Scopes 1, 2 & 3 as defined by the GHG Protocol) SUPPORTING SUSTAINABILITY WELL-DIVERSIFIED L&H AND P&C PORTFOLIOS L&H gross written premium split in % (rounded) 21% APAC 15% APAC 31% EMEA 44% EMEA 48% AMERICAS 41% AMERICAS €10.2 billion gross written premiums L&H 3.5% return on invested assets 9
FABRICE BRÉGIER (F.B.) Chairman of the Board THIERRY LÉGER (T.L.) Chief Executive Officer BUILDING ON STRONG FOUNDATIONS A letter to the shareholders As we reflect on the past year, we are reminded of the resilience and adaptability that define SCOR. Despite the challenges faced, we have made significant strides toward meeting the goals outlined in the Forward 2026 strategic plan and in providing our clients with innovative and tailor-made solutions. Indeed, our commitment to delivering custom solutions through partnerships and innovation has been an important factor in our continued success and you will see these themes resonate in the stories presented throughout this report. 2024 was once again marked by the impacts of climate change, mounting geopolitical tensions, and a wide and diverse range of evolving and emerging risks. Shifting demographic patterns are rewriting reinsurance needs across markets globally. Many countries face aging populations, placing a strain on healthcare and social security systems. Others see a young population entering the workforce, starting families, and looking to the future with high expectations. Tech and data are also top of mind for reinsurers as new tools and resources promise to revolutionize how we work and create new expectations from clients and policyholders. Each of these trends brings their own challenges and opportunities. We are seeing that these trends are driving a higher demand for risk transfer solutions and successful reinsurers will be those who quickly recognize and embrace opportunities, adapt swiftly, and tailor their offering to meet markets’ unique needs. These reinsurers will be flexible and smart in how they handle these issues and adapt their services. Moving forward with a clear roadmap in 2025, SCOR is well positioned to address and respond to these challenges, enhance societal resilience, and transform complexity into opportunity. Our dedicated efforts ensure we are on track to deliver significant value to our shareholders, clients, employees, and society as a whole. THIERRY LÉGER Chief Executive Officer “SCOR is well positioned to address and respond to these challenges, enhance societal resilience, and transform complexity into opportunity.” T.L. 10 ACTIVITY REPORT 2024
2024: A YEAR OF REINFORCING FOUNDATIONS AND SHOWING RESILIENCE While 2024 was challenging for the L&H business, the P&C performance was excellent and the Investments performance was strong, taking advantage of the current market conditions. In the first half of 2024, SCOR conducted an exhaustive L&H assumption review aiming to strengthen the robustness of cash flow projections and reduce the risks of future earnings volatility. We took immediate and decisive action with a three-step plan to sustainably restore the profitability of our Life & Health business as outlined in our updated Forward 2026 strategic plan. Having completed a full review of the L&H portfolio in Q3 2024 (step 1), we have implemented the necessary measures to steer our L&H new business toward higher margins and improved product mix (step 2). Additionally, we strengthened the management of our in-force business in order to protect and deliver value (step 3). Our teams are moving forward resolutely with refined strategic directives and an unwavering dedication to serving our clients. Excluding the negative impact of the L&H review and the adjustment of the arbitration positions, the underlying L&H performance is strong, at EUR 452 million Insurance Service Result (ISR) for 2024. Meanwhile, SCOR P&C and Investments both showed strong and consistent performance throughout the year (page 14). P&C’s combined ratio for 2024 is ahead of our Forward 2026 assumption of 87% and we have built significant prudence in our P&C reserves two years ahead of plan. This is a strong demonstration of SCOR’s underwriting discipline in a volatile environment and we are satisfied with this excellent performance. We believe the market offers further opportunities for profitable growth and we will continue to leverage our Tier 1 franchise to this end. Investments achieved an elevated return over the full year through our high-quality, mainly fixed income portfolio, which benefited from ongoing high reinvestment rates. In December 2024, SCOR’s ambition was reaffirmed with the updated Forward 2026 strategic plan: to drive value creation for shareholders, clients, employees, and society as a whole and to shape the reinsurer of tomorrow. SCOR maintains a controlled risk appetite and disciplined underwriting approach as we take advantage of business opportunities created by the supportive market conditions, fueling growth in diversified L&H and P&C portfolios. In 2024, the Group made huge strides toward meeting the targets outlined in Forward 2026. We are successfully growing key lines of business as identified in Forward 2026: our P&C Alternative Solutions team is already one year ahead of strategic targets by premium volume (page 64) and our L&H Longevity team is showing great promise growing into new markets (page 76). FABRICE BRÉGIER Chairman of the Board “SCOR is not just a reinsurer; we are a solutions maker and a co-creator of resilient futures.” F.B. 11
Backed by our Forward 2026 ambitions, we will continue to transform SCOR’s organization, ways of working, and the tools available to our teams (page 24). Notably, in 2024, we have developed a comprehensive data strategy that will establish a robust data foundation and allow the Group to best harness the opportunities represented by tech and data, setting the stage for future advancements (page 34). We also introduced a flex office approach in our Paris headquarters, allowing us to reduce the carbon footprint of our operations while dedicating more space to new ways of working (page 26). The Group underwent an organizational transformation in April 2024, which was driven by the desire to streamline decision making processes, reduce silos and enable greater collaboration, and bring the entire Group closer to our clients by reducing the number of hierarchical levels. SCOR’s modernization is allowing us to enhance our operations and better support clients, while creating new opportunities for our employees (page 54). SOLUTIONS, PARTNERSHIPS, AND INNOVATION Solutions, partnerships, and innovation are at the heart of SCOR’s mission. They define our approach to serving our clients and contributing to more resilient societies. Our teams are dedicated to developing tailor-made solutions for each of our client’s unique needs. With experts around the world, we offer crucial local insights while being backed by our global expertise, understanding of big-picture insights, and overarching risk knowledge. This collaborative approach among teams allows us to adapt solutions, share insights and previous learning, and proactively meet clients’ evolving needs. SCOR’s solutions are powered by a wealth of technical expertise that goes far beyond (re)insurance and risk management expertise. Many of our employees bring decades of experience from various industries – aeronautics, energy, agricultural, medical disciplines, scientific research positions, and more. This deep technical knowledge ensures our proposals are thoroughly researched and technically sound and have the potential to significantly impact our clients and societies. But these solutions aren’t created in a vacuum: our success is built upon and dependent on strong partnerships. We engage deeply with clients, insurers, brokers, and other stakeholders within and beyond the (re)insurance industry to co-create solutions that deliver mutual value. We align our capabilities with clients’ needs to address the evolving market and societal demands. “Solutions, partnerships, and innovation are at the heart of SCOR’s mission.” F.B. FABRICE BRÉGIER Chairman of the Board THIERRY LÉGER Chief Executive Officer 12 ACTIVITY REPORT 2024
Finally, innovation is critical to our vision. It’s a mindset where challenges become opportunities and our experts are empowered to push typical approaches a step further. Enabled by data-driven insights, continuous product development, and the integration of cutting-edge technologies, innovation is a cornerstone of our strategy and success. SCOR IS LOOKING FORWARD Standing on strong foundations and looking to future opportunities, SCOR adopts a forward-looking approach to anticipate and manage emerging and evolving risks (page 42). Our commitment to solutions, partnerships, and innovation is not just about staying ahead; it’s about shaping the future of reinsurance and contributing to a more resilient world. To do this, we are guided by the strategic vision of our leaders. Our Executive Committee (page 16) and Board of Directors (page 18) ensure strong governance that strengthens our long-term stability and industry position. Throughout this report, you will hear Comex members discuss trends and developments in their domain and meet several regional leaders who expanded their roles in 2024 (page 82). Moving forward, an agile organization will enhance SCOR’s ability to tackle challenges in the coming years. The new organization was the first step and we are now focused on completing our cultural transformation (page 52). By fostering an agile mindset and further leaning into cross-functional collaboration, SCOR aims for greater efficiency, accountability, and transparency, while ensuring the success and wellbeing of our employees. Sustainability remains a priority at SCOR and is closely linked to our Raison d’Être: contributing to the welfare, resilience, and sustainable development of society by bridging the protection gap, increasing insurance accessibility, and helping protect against risks. We firmly believe in our industry’s role in creating a brighter future and SCOR is dedicated to providing solutions that not only protect our shared future (page 30) but also restore ecosystems and improve our world (page 68). Where preventative measures are possible, we will take the necessary steps (page 46) as preventing risk events is far better than rebuilding or recovering after damage. Looking ahead to 2025 and beyond, SCOR is ready to manage disruptions, embrace new opportunities, and become the reinsurer of tomorrow. With unwavering commitment to excellence, SCOR is not just a reinsurer; we are a solutions maker and a co-creator of resilient futures. ACKNOWLEDGMENTS Our achievements in 2024 would not have been possible – nor would we have been able to respond so decisively and effectively to challenges – without the support and dedication of our employees and partners, the trust and confidence of our clients, and the backing of our shareholders. We would like to thank each of you for your continued confidence in SCOR’s vision and strategy. To our clients, we are deeply grateful for the opportunity to serve you. Your partnership and collaboration drive us to innovate and push boundaries. And to our employees, we see and appreciate your hard work, dedication, and resilience. You have faced challenges head-on and adapt relentlessly to excel in a dynamic environment. Your expertise, creativity, and commitment to SCOR’s values are the foundation of our achievements this year and every year. This report is a testament to the impact of your work. Thank you for your unwavering dedication to The Art & Science of Risk and for making our company a great place to work. . “Innovation is critical to our vision. It’s a mindset where challenges become opportunities and our experts are empowered to push typical approaches a step further.” T.L. 13
213% 2017 215% 2018 226% 2019 220% 2020 226% 2021 213% 2022 210% 2024 209% 2023 €20.1 B gross written premiums 210% 2024 year-end solvency €4 M net income Supported by a strong fourth quarter where all three businesses returned a profit, SCOR’s full-year results are in the green. Despite the challenges faced, SCOR has demonstrated remarkable resilience and – in many areas of the business – profitable growth throughout 2024. Life & Health (L&H) reported an insurance service result of EUR 119 million in Q4 2024, showing that although the full-year results were impacted by the 2024 assumption review, the underlying business remains strong. We remain committed to our three-step plan established last summer to restore profitability in our new and in-force L&H business and these efforts have already started to bear fruit. Our Property & Casualty (P&C) business consistently performed very well throughout the full year. We have grown in a diversified and profitable manner, with NatCat claims remaining within budget at 9.4%. Additionally, we have built significant prudence in our P&C reserves, achieving this milestone two years ahead of SCOR’s Forward 2026 strategic plan. This is a testament to SCOR’s underwriting discipline in a volatile environment. Investments also had a strong year, delivering consistent and solid returns through our high-quality fixed income portfolio, benefiting from ongoing high reinvestment rates. Our Group solvency ratio stands at 210% at the end of Q4 and remains in the upper part of the optimal range. By successfully absorbing the significant impact of the L&H review, our balance sheet has proven its resilience. With a solid Q4 performance of EUR 233 million, our full year results were positive. 2024 was a challenging year, but our teams remained focused on executing our Forward 2026 strategic plan. We achieved substantial operational improvements in Asset and Liability Management (ALM), capital allocation, risk partnerships, and tech and data. Our teams’ dedication and hard work have paved the way for continued success and growth and our positive fourth quarter shows that all three of our businesses are fit to perform in 2025 and beyond. . €-348 M L&H insurance service result 86.3% net combined ratio SECURING POSITIVE FULL YEAR RESULTS SCOR reports full year profitability through strategic focus and strong fourth quarter 14 ACTIVITY REPORT 2024
2014 2015 2016 2017 2018 2019 2020 2021 2022 2024 2023 894 795 891 841 988 2 406 500 903 1 480 1 354 1 144 0 5 10 15 20 9.6 2012 10.9 2013 11.3 2014 13.4 2015 13.8 2016 14.8 2017 15.3 2018 16.3 2019 16.4 2020 17.6 2021 19.7 2022 19.4 2023 20.1 2024 Evolution of gross written premiums since 2012 (in EUR billion) Group operating cash flow (in EUR millions) Life & Health Property & Casualty Solid operating cash flows enabling attractive capital return €37.3 B balance sheet €4.5 B shareholders’ equity A Moody's A1 Fitch Ratings A+ Standard & Poor's A+ Rating agencies AM Best €1.80 proposed regular dividend per share for 2024 €8.6 B economic value +3.5% return on invested assets 15
At the heart of our organization lies a robust governance framework that ensures transparency, accountability, and strategic oversight. Our governance structure is designed to uphold the highest standards of integrity and ethical conduct, guiding our actions and decisions in alignment with our core values and long-term objectives. The Executive Committee, composed of seasoned leaders with diverse expertise, plays a pivotal role in steering the company toward sustainable growth and innovation. This team is dedicated to fostering a culture of excellence, driving operational efficiency, and delivering value to our stakeholders. Through their collective vision and leadership, the Executive Committee ensures that we remain agile and responsive to the dynamic (re)insurance landscape, while staying true to our mission and goals. STEERING SUCCESS WITH SCOR'S STEADFAST EXECUTIVE COMMITTEE 1. 2. 6. 7 8. 5. 3 4. 16 ACTIVITY REPORT 2024
Comex as of 31 Dec 2024 1. THIERRY LÉGER Chief Executive Officer Thierry Léger, a dual French and Swiss citizen, began his career in the civil construction industry before joining Swiss Re as an engineering underwriter in 1997. During his career at Swiss Re, he held multiple positions and responsibilities in different markets. In September 2020, he assumed the role of Group Chief Underwriting Officer. He joined SCOR as Chief Executive Officer on May 1, 2023. 2 FRANÇOIS DE VARENNE Group Chief Financial Officer and Deputy Chief Executive Officer François de Varenne, a French citizen, joined SCOR in 2005 as Director of Corporate Finance and Asset Management. In 2008, he was appointed Chief Executive Officer of SCOR Global Investments. In September 2021, he began oversight of an enlarged area of leadership including Investments, Technology, Budget, Transformation, and Group Corporate Finance. From January 26 to April 30, 2023, he served as Interim CEO of SCOR. He was appointed Group Chief Financial Officer and Deputy Chief Executive Officer of SCOR on May 30, 2023. 3. JEAN-PAUL CONOSCENTE Chief Executive Officer of SCOR Property & Casualty Jean-Paul Conoscente, an American and French citizen, joined SCOR in 2008 as the Chief Underwriting Officer for the Americas for SCOR Global P&C; he helped transform SCOR’s team and portfolio in the Americas before taking on the role of CEO of SCOR’s P&C US Operations in 2016. Following SCOR P&C’s restructuring in September 2018, he became CEO of P&C Reinsurance globally. In April 2019, he was appointed CEO of SCOR P&C, overseeing P&C Reinsurance and SCOR Business Solutions. 4. CLAUDIA DILL Group Chief Operating Officer Claudia Dill, a Swiss citizen, joined SCOR in November 2023 as Group Chief Operating Officer and member of the Executive Committee in charge of Technology and Data, Transformation, and Global Operations such as Real Estate, Procurement, Business Resilience, and Operations Governance. Prior to that, she worked for Zurich Insurance Group in a range of leadership positions, including as CFO for internal reinsurance, CFO for the European business and COO for the property and casualty business globally, Chief Executive Officer for the Latin American business, and member of the Group Executive Committee. 5. CLAIRE LE GALL-ROBINSON Group Chief Corporate Officer and Group General Secretary of SCOR Claire Le Gall-Robinson, a French citizen, practiced for more than 17 years in leading law firms in Paris and New York and is admitted to the New York Bar. She joined SCOR in 2016 as Group General Secretary and, in March 2021, she was appointed to her current role as the Executive Committee member overseeing governance, legal & compliance, human resources, sustainability, and communications & public affairs. 6. REDMOND MURPHY Deputy CEO of SCOR Life & Health Redmond Murphy, an Irish citizen, is a qualified actuary and CFA charter holder. He joined SCOR in 2014 as the CFO of SCOR Global Life Reinsurance Ireland. Redmond has held several senior roles within SCOR for Life & Health and Finance, including Deputy Group CFO and Group Head of Business Performance. He was appointed to his current role in November 2023. 7. FABIAN UFFER Group Chief Risk Officer Fabian Uffer, a Swiss citizen, is a qualified member of the Swiss Association of Actuaries. He joined SCOR’s P&C Risk Management department in 2009 and then transitioned to Group Financial Modeling and Risk Analysis, where he held various positions including Head of Risk Modeling. In 2021, he was appointed to his current position of Group Chief Risk Officer. 8. CLAIRE MCDONALD Chief Executive Officer of SCOR Business Solutions Claire McDonald, a UK citizen, is a Chartered Insurer and a member of the Chartered Insurance Institute. She began her career in 1987 as an underwriter at the Allianz group in the UK and held various roles in Commercial Lines, Property and Energy, and Onshore Energy before becoming Head of Operations at Allianz Global Corporate & Specialty. In 2019, she joined HDI Global SE as Managing Director for the UK and Ireland and in 2022 she was made a member of the Executive Board. She joined SCOR as CEO of SCOR Business Solutions and a member the Executive Committee in September 2024. 17
ANCHORING OUR VISION WITH AN EXPERIENCED AND KNOWLEDGEABLE BOARD OF DIRECTORS 18 ACTIVITY REPORT 2024
SCOR’S BOARD OF DIRECTORS AS OF DECEMBER 1, 2024 Back row, from left to right: AUGUSTIN DE ROMANET Vice-Chairman of the Board French First appointment: Apr 30, 2015 Term expires: 2026 Strategic Committee, Audit Committee, Risk Committee, Sustainability Committee (Chair), Crisis Management Committee VANESSA MARQUETTE Belgian First appointment: Apr 30, 2015 Term expires: 2026 Strategic Committee, Risk Committee, Compensation Committee, Nomination Committee (Chair), Sustainability Committee, Crisis Management Committee PATRICIA LACOSTE French First appointment: Jun 30, 2021 Term expires: 2026 Strategic Committee, Audit Committee, Compensation Committee, Nomination Committee, Sustainability Committee ADRIEN COURET French First appointment: Nov 6, 2020 Term expires: 2026 Strategic Committee, Audit Committee, Risk Committee (Chair), Nomination Committee, Crisis Management Committee BRUNO PFISTER Swiss First appointment: Apr 27, 2016 Term expires: 2026 Strategic Committee, Audit Committee (Chair), Risk Committee, Compensation Committee, Crisis Management Committee PIETRO SANTORO Employee representative German, Italian First appointment: May 18, 2022 Term expires: 2025 Sustainability Committee Front row, from left to right: ZHEN WANG Chinese First appointment: Apr 26, 2018 Term expires: 2025 Strategic Committee, Risk Committee NATACHA VALLA French First appointment: Jun 16, 2020 Term expires: 2025 Strategic Committee, Audit Committee, Risk Committee, Sustainability Committee FABRICE BRÉGIER Chairman of the Board French First appointment: Apr 26, 2019 Term expires: 2025 Strategic Committee (Chair), Audit Committee, Risk Committee, Crisis Management Committee (Chair) THIERRY LÉGER French, Swiss First appointment: May 25, 2023 Term expires: 2026 Strategic Committee FIELDS WICKER-MIURIN British, American First appointment: Apr 25, 2013 Term expires: 2025 Strategic Committee, Risk Committee, Compensation Committee (Chair), Nomination Committee, Sustainability Committee, Crisis Management Committee MARTINE GEROW French, American First appointment: Nov 8, 2022 Term expires: 2025 Strategic Committee, Audit Committee, Sustainability Committee MARC BÜKER Employee representative French, Turkish First appointment: May 18, 2022 Term expires: 2025 Compensation Committee THOMAS SAUNIER Representatives of Holding Malakoff Humanis French First appointment: Apr 27, 2017 Term expires: 2026 Strategic Committee, Nomination Committee 19
TRANS- FORMING TOMORROW WITH Bridging the protection gap 22 Looking forward 24 Becoming the reinsurer of tomorrow 28 Risk knowledge 36 Empowering our global workforce 48 OUR VISIO 20 ACTIVITY REPORT 2024
R ION 21
ACTIVITY REPORT 2024 BRIDGING THE PROTECTION GAP SCOR’S COMMITMENT TO RESILIENCE AND SUSTAINABILITY 22
As a global (re)insurance company, SCOR contributes to the welfare, resilience, and sustainable development of societies by bridging the protection gap, increasing insurance accessibility, helping to protect the insured against the risks they face, pushing back the frontiers of insurability, and acting as a responsible investor. Through the expertise and know-how of our employees, we combine the Art & Science of Risk to offer our clients an optimum level of security and create value for our shareholders by developing our L&H and P&C business lines, respecting strict corporate governance rules. SCOR provides our clients with a broad range of innovative (re)insurance solutions and pursues an underwriting policy founded on profitability, supported by effective risk management and a prudent investment policy. The Group shares the fortunes of societies over the long term. Closing the protection gap is, therefore, both an imperative and a source of opportunities in our business, consisting of two main goals: → protecting society from extreme events, accompanying economic agents in mitigating the effects of climate change, and enabling a smooth transition to a more sustainable future → accompanying people’s health and wellbeing, including by developing accessible health prevention. . Reinsurance is often said to be insurance for insurance companies, where the reinsurer assumes a portion of the risk carried by primary insurers in exchange for premiums. This helps primary insurers manage their risk exposure, enhance their capacity to underwrite policies, and protect their balance sheets against large losses, while benefiting from the risk management and expertise offered by the reinsurer. For SCOR, this means taking calculated risks and investing the premiums earned to generate returns that enable the Group to absorb the financial impacts of various risk events and damages to which the portfolio is exposed. SCOR’s operations are structured around three primary business activities: SCOR Property & Casualty (P&C), SCOR Life & Health (L&H), and SCOR Investments. These activities are managed through three regional hubs: the EMEA Hub, the Americas Hub, and the APAC Hub. SCOR Property & Casualty offers comprehensive coverage for physical, environmental, and financial risks, including but not limited to: • Damage to physical assets from fire, natural disasters, and construction defects. • Tailored risk transfer solutions for agriculture, forestry, greenhouse, and aquaculture sectors. • Coverage for credit, surety, and political risks. SCOR Life & Health focuses on protecting human, social, and relationship capital. Leveraging expertise in biometric and healthrelated risks, the Group provides solutions for: • Critical illnesses such as cancer, heart attacks, and strokes. • Long-term care needs arising from conditions like Alzheimer’s disease. • Longevity risks crucial for pension system security. SCOR Investments oversees the Group’s asset management activities, comprising of the Group Investment Office and SCOR Investment Partners, a regulated asset management firm. SCOR Investments contributes to economic growth by emphasizing sustainable investments to enhance various forms of capital. BUSINESS MODEL OUR RAISON D'ÊTRE 23 TRANSFORMING TOMORROW WITH OUR VISION
Becoming the reinsurer of tomorrow 28 Creating sustainable solutions that drive resilience 30 Empowering research to better understand the risks of tomorrow 32 Harnessing data and AI for a resilient future 34 LOOKING FORWARD ACTIVITY REPORT 2024 24
25 TRANSFORMING TOMORROW WITH OUR VISION CLAUDIA DILL Group Chief Operating Officer IN LAST YEAR’S ACTIVITY REPORT, YOU SPOKE ABOUT SCOR’S TRANSFORMATION JOURNEY. WHY IS THIS TRANSFORMATION NECESSARY AND WHAT PROGRESS WAS MADE IN 2024? C.D. The reinsurance ecosystem is evolving, primarily driven by technological advancements, the recognition of the value of data, and changes in demand. SCOR wants to remain at the forefront of these developments by enhancing our platform to be future-ready, a key ambition of our Forward 2026 strategic plan. O ur transformation program is a major enabler for the continuous enhancement and modernization of our operations. The program encompasses a large portfolio of initiatives that promote tech and data developments, drive process simplification and automation, and reshape the way we work to ensure we remain efficient and effective, providing full support to the development of our business. We recognize the tangible value that our transformation journey is delivering and consider it as a key building block to pursue our strategic plan and build the foundation for longer-term transformation. In 2024, the transformation program achieved its savings targets and we continued to strive for operational excellence with concrete actions that further accelerate the continuous improvement across our value chain. ACCELERATING TRANSFORMATION TO ENHANCE OPERATIONS AND PERFORMANCE COMEX INTERVIEW In 2024, SCOR’s transformation journey further accelerated, delivering on our savings objects one year ahead of the targets outlined in the Forward 2026 strategic plan. We continue to strive for operational excellence and equip our employees with the tools, structures, and work environments they need to succeed. Throughout the year, we engaged in various initiatives to embrace new ways of working, streamline our organization, and strengthen our corporate culture. To best leverage tech and data, we launched “Unlock,” our new tech strategy, focusing on both the industrialization of IT and on the tech of tomorrow. We also moved forward with the implementation of our data and AI strategy, combining the strengthening of our data foundation with key flagship projects to drive early value and transform the organization. Together, these strategies lay the foundation to accelerate efficiency and effectiveness in our operations and are key drivers of innovation and continuous improvement across the value chain of our Group. C.D.
IN APRIL 2024, THE GROUP UNDERWENT A RESTRUCTURING THAT REDUCED THE ORGANIZATIONAL HIERARCHY BY SEVERAL LEVELS. WHAT WAS THE GOAL BEHIND THIS? C.D. The new structure supports a more nimble, simple, and effective organization. SCOR’s structure had grown over the years and a reshaping of the organization had become necessary to be future-ready. T he reorganization was centered around three main principles. First, enable faster decision making by ensuring key roles are closer to their respective Comex members. Second, reinforce empowerment and accountability by flattening the organization and reducing silos. Finally, strengthen diveristy of minds and backgrounds within the Group. These principles were translated into measurable indicators to ensure we can closely track our progress and steer the organization’s development. V ery practically speaking, by flattening the organization, we have also effectively brought the whole Group closer to our clients, which further strengthens our active client engagement and reinforces our client-centric approach. WHAT IS THE GOAL IN IMPLEMENTING A FLEX OFFICE APPROACH AND HOW DOES THIS ALIGN WITH NEW WAYS OF WORKING? C.D. Hybrid working is the new norm and new ways of working have created the need for employees to collaborate differently. Traditional office layouts and setups no longer provide workspaces that are adapted to work realities. T o address this, we are gradually rolling out more flexible workplace arrangements around the world: the so-called flex office. SCOR’s transition to a flex office model began in our Singapore office in 2021 and reached our Paris office in 2024, bringing new dynamics to our headquarters in the heart of the French capital. B eyond creating more practical workspaces and meeting places to address multiple different work situations that foster collaboration, there is also an environmental dimension. The flex office allows us to reduce our carbon footprint by reconfiguring office space and reducing the number of buildings. For example, in Paris, the number of square meters has been reduced by 25% and the number of printers by 70%, realizing energy savings while dedicating more space to new ways of working. The refurbishment project and work itself was conducted with a focus on recycling and reusing materials whenever possible, in line with ESG certifications. CAN YOU ELABORATE ON THE ROLE OF TECH AND DATA IN ENHANCING SCOR’S OPERATIONAL EFFICIENCY? C.D. As a part of SCOR’s Forward 2026 strategic plan and our overall transformation efforts, our ambition is to enhance our platform to be futureready by investing significantly in enhancing our technology and data infrastructure. “The reinsurance ecosystem is evolving, primarily driven by technological advancements, the recognition of the value of data, and changes in demand.” 26 ACTIVITY REPORT 2024
N ew technologies and extended data capabilities – such as digital tools, automation, and analytics – are key drivers to optimize our operations along the reinsurance value chain, as well as to improve our risk management and decision making. F rom an operational perspective, we see three main areas that will reshape the future of work and boost operational efficiency. First, the deployment of new solutions will enable more data-driven decision making when it comes to risk assessments, underwriting, and other areas of the business. S econd, robotization will allow us to automate workflows and certain business processes like data entry and other routine tasks. Third, we can offer our employees AI-enabled tools that help them work more efficiently in their daily activities. T ech and data do also have a direct impact on our business offerings and the solutions we can bring to clients. For example, the deployment of our in-house developed AI augmented data capture solution allows us to transform unstructured data into structured data, increasing the efficiency of L&H medical underwriting processes and decisions. T he AI revolution has just started and we will continue to invest in tech and data solutions and capabilities that are key for optimizing our operations. INFORMATION TECHNOLOGY (IT) IS ANOTHER IMPORTANT AREA OF FOCUS. WHAT IS SCOR DOING TO STAY UP TO DATE WITH IT TRENDS AND ENSURE A PIPELINE OF IT TALENT? C.D. In 2024 we launched “Unlock,” our new tech strategy, which will drive the progressive modernization of our tech landscape over the next three years. The aim is to further industrialize IT at SCOR, leveraging our current strengths, such as the full Cloud environment, and to foster tech of tomorrow by deploying more advanced tech expertise aligned with the future needs of the business. This strategy encompasses a series of initiatives that aim to ensure that SCOR remains at the forefront of IT trends and is attractive for talent. W e are also redefining our sourcing strategy. Here we plan to foster collaboration with our strategic partners, whose bandwidth for research and development will help to further strengthen our innovation capabilities. O ur new tech strategy also includes action plans to ensure the pipeline of new talent remains strong. This includes partnerships with schools and organizations to develop internship opportunities that will attract the next generation of IT talent. HOW DO SCOR’S OPERATIONS ENABLE COLLABORATION AND INNOVATION THROUGHOUT THE GROUP? C.D. Innovation is crucial for our transformation to be successful. At SCOR we enable innovation through a variety of actions. O ne key success factor for innovation is, indeed, to promote a mindset of collaboration, as the way we work brings diverse perspectives and capabilities together. This enables us to invent new solutions and drive meaningful change. We also spread a culture of innovation in our teams by empowering our people to think outside the box. This is supported by our SCOR values Courage and Open Minds, which encourage diversity of thought, culture, and experience. A lso, as a part of our flex office approach, we have created dedicated spaces to facilitate interaction through adapted furniture – such as twist benches - to help teams connect and create an environment to develop ideas. T echnological innovation is also fostered by providing access to cutting-edge technology and tools, such as AI, data science, and automation. F urthermore, our Innovation Board provides a forum to grasp and funnel innovation ideas in tech, data, and AI. It allows for brainstorming and testing of new developments to stay very focused on what we believe will bring value to the business. Once the business value is validated through quick iterations, the capability is integrated in our IT architecture for a deployment at scale, ensuring our innovations are efficient and effective. TRANSFORMING TOMORROW WITH OUR VISION 27
BECOMING THE REINSURER OF TOMORROW SCOR’S VISION FOR THE FUTURE In the ever-evolving landscape of reinsurance, SCOR is poised to become the reinsurer of tomorrow. Renowned for our deep technical knowledge, expert workforce, and unwavering commitment to sustainability and societal resilience, SCOR has built up a Tier 1 franchise that ensures we can serve clients worldwide. With 37 offices around the world, we understand local challenges in the global context and react nimbly to support our clients. Our experts are guided by the Art & Science of Risk and dedicated to delivering solutions, building partnerships, and driving innovation. 28 ACTIVITY REPORT 2024
SOLUTIONS At the heart of SCOR’s operations is a commitment to developing tailor-made solutions that address the unique needs of our clients. SCOR’s approach is not one-size-fits-all; instead, we focus on creating customized solutions that deliver the highest value. This bespoke approach is embedded in SCOR’s DNA and sets us apart from our competitors. By leveraging our global presence and deep technical expertise, SCOR is able to scale our solutions quickly and efficiently, ensuring that clients receive the best possible service. Whether it’s through innovative product developments or strategic risk management, SCOR’s solutions are designed to build safe and resilient futures for our clients and society at large. PARTNERSHIPS SCOR’s success is built on the strength of our partnerships. We pride ourselves on being a true partner to clients, aligning our expertise with their specific needs and supporting them every step of the way, regardless of what challenges arise. This collaborative approach is guided by SCOR’s strong Raison d’Être and company values, which emphasize the importance of listening to partners and co-creating solutions that deliver mutual value. SCOR’s partnerships extend beyond traditional client relationships to include insurers, brokers, and other players in and beyond the (re)insurance industry, all working together to innovate and address the evolving needs of the market and societies. This partnership-driven model not only enhances SCOR’s ability to deliver customized solutions but also reinforces our position as a trusted and reliable player in the industry. INNOVATION Innovation is a cornerstone of SCOR’s approach. We are committed to igniting innovation through data-driven insights, continuous product development, and the integration of cutting-edge technologies. SCOR’s size and nimble strategy allow us to quickly adapt to a changing risk environment, ensuring that we remain at the forefront of the industry. By focusing on today’s expertise and tomorrow’s opportunities, SCOR takes a foward-looking approach that enables us to anticipate and manage emerging risks, providing clients with innovative solutions that enhance their capacity and security. But SCOR’s dedication to innovation is not just about staying ahead of the curve; it’s about shaping the future of reinsurance and contributing to a more resilient world. LOOKING AHEAD AND SHAPING THE REINSURER OF TOMORROW As SCOR looks to the future, the Group has all the assets needed to help drive our industry forward, from our strong technical expertise and global presence to our commitment to sustainability and innovation. SCOR’s vision is to cultivate a tailor-made approach that combines the best of both worlds: the flexibility and nimbleness of a small player with the capacity and reach of a major reinsurer. We have room to grow our business and room to excel, leveraging this positioning to unleash our full potential. To harness these opportunities, we are discerning and decisive in our adoption of new technology and exacting in our use of data. By positioning ourselves at the cutting edge of tech and data and focusing on strategic capital allocation, SCOR aims to do more with less, providing solutions that are both efficient and effective. As the risk landscape continues to evolve, SCOR is ready to manage disruptions, embrace new opportunities, and become the reinsurer of tomorrow. With our unwavering commitment to excellence, SCOR is not just a reinsurer; we are a solutions maker and a co-creator of resilient futures. . 29 TRANSFORMING TOMORROW WITH OUR VISION
SUSTAINABILITY IN ACTION SCOR’s sustainable solutions are thoughtfully designed to contribute to fostering a more resilient and sustainable society. Our commitment to environmental sustainability is exemplified by the renewable energy consortium launched in 2024. Focused on offshore wind energy, this consortium brings together various market players to develop and implement large-scale renewable energy projects. With this consortium, SCOR is offering dedicated capacity for renewable energy, fostering increased competition, and providing improved certainty for clients and project stakeholders to accelerate the global energy transition to renewable energy sources. SCOR has also created several products dedicated to enhancing the resilience of vulnerable communities through parametric microinsurance programs and other solutions. A notable example is an initiative in Rwanda where SCOR provides microinsurance to tea cooperative farmers. Tea plays a major role in Rwanda’s economy, but with about three-quarters of the producers being small-scale farmers who own two hectares on average, these farmers are particularly vulnerable to severe weather events. Launched in 2024, this solution offers quick payouts in the event of adverse weather conditions, enabling farmers to recover swiftly without the need to prove damages. Our teams are dedicated to implementing initiatives whose success is not only defined by profitability but also genuinely aimed at creating positive change. To ensure this is the case, SCOR aims to ensure that sustainable solutions to align with the positive impact criteria of additionality, measurability, and intentionality: • Additionality means that the solutions go beyond business as usual, providing a positive impact that would not have occurred otherwise. • Measurability involves tracking and assessing the positive impacts of these solutions. • Intentionality ensures that the solutions are purposefully designed to achieve positive impacts. This approach underscores our commitment to ethical and transparent business practices, ensuring that our sustainable solutions are both effective and responsible. . CREATING SUSTAINABLE SOLUTIONS THAT DRIVE RESILIENCE SCOR is aligning business solutions with sustainability principles At SCOR, we believe that our role as a global reinsurer extends beyond providing financial protection. We are committed to creating innovative (re)insurance solutions that not only address the evolving needs of our clients but also contribute positively to protect and restore ecosystems and increase the wellbeing of our communities. In recent years, SCOR’s teams have undertaken numerous initiatives aimed at reversing ecosystem degradation and facilitating the transition to renewable energy. As we look ahead, SCOR remains committed to exploring new opportunities that align with our values and contribute to building resilience. Whether it’s through supporting biodiversity, enhancing renewable energy projects, or supporting vulnerable communities, we are dedicated to finding solutions that will have a positive impact on the world around us. 30 ACTIVITY REPORT 2024
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