R.M. REDMOND MURPHY Deputy CEO of SCOR Life & Health WHAT ARE THE KEY TAKEAWAYS FROM LIFE & HEALTH IN 2024? R.M. In the third quarter of 2024, our L&H teams completed a full review of the L&H portfolio, which resulted in updated objectives for the Forward 2026 strategic plan with a focus on improving SCOR L&H’s profitability in a sustainable way. In the last year, we have made significant progress in fulfilling this ambition: we have simplified our organization, set reserves at adequate levels and built buffers, and accelerated the L&H business transformation with the goal of growing favorable lines of business, particularly in the Longevity (page 76) and Financial Solutions (page 78) segments. Despite the portfolio review, our Gross Written Premium was up 3.2% and Insurance Revenue remained stable, increasing 0.7%, compared to full year 2023. We also reported EUR 485 million New Business CSM for the full year of 2024. We are confident that our L&H business is fit to perform going forward. We are looking to 2025 and beyond with a strategic eye and confidence in our L&H business. In particular, as I already mentioned, we see a great opportunity to grow our longevity and financial solutions offerings. While these are not new lines of business for SCOR – in fact, we have extensive expertise and experience – these will be key areas of focus for us in the coming years as we scale up to leverage the market opportunities. Meanwhile, we are approaching our in-force business with the added insights from data analytics to understand trends more quickly and at a more granular level. This will help to drive improved business outcomes. CULTIVATING RESILIENCE AND A FORWARD-LOOKING STRATEGIC VISION COMEX INTERVIEW SCOR’s L&H teams are moving into 2025 with a new strategic focus and renewed commitment to serving our clients, supporting policyholders, and contributing to the resilience and welfare of societies. As we grow in key lines of business, we are leveraging innovative technologies and data-driven insights to enhance our offerings and deliver tailored solutions. By fostering strong partnerships and expanding the solutions we offer, we aim to provide comprehensive support to our clients while maintaining a forward-looking approach that ensures we are prepared for the challenges and opportunities of the future. TRANSFORMING TOMORROW WITH OUR SOLUTIONS 73
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