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
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