CAN YOU SHARE THE KEY HIGHLIGHTS AND ACHIEVEMENTS OF THE INVESTMENT STRATEGY IN 2024? F.D.V. We maintained our prudent and sustainable investment strategy and generated a strong contribution to the Group in 2024, with a EUR 800 million investment income and a return on invested assets of 3.5%. Additionally, we enhanced our Asset and Liability Management (ALM) framework and we also lengthened the duration of our fixed income portfolio to match our strategic objectives. On our third-party business, we grew SCOR Investment Partners’ assets under management to EUR 21.9 billion, on the back of strong growth of our third-party assets under management which now represent EUR 8.2 billion. We also won the “Manager of the Year” award at the 2024 Insurance Insider ILS Awards Ceremony, which is a strong demonstration of our expertise and brand recognition in this field. EARLY IN 2024, WE SAW A RESTRUCTURING OF THE GROUP. WHAT DID THIS CHANGE FOR THE INVESTMENTS TEAMS? F.D.V. In order to best manage the Group’s assets, our Investments team is structured in two separate but complementary teams: the Group Investment Office and SCOR Investment Partners. The Group Investment Office is responsible for defining the Group’s investment guidelines. This team ensures that premiums are invested in line with the Group’s guidelines and generate the expected level of return, while providing the level of liquidity needed to pay claims. In parallel, SCOR Investment Partners, SCOR’s regulated portfolio management company, advises the Group Investment Office and implements SCOR’s investment strategy. While the Group Investment Office focuses on strategic asset allocation, SCOR Investment Partners will do tactical asset allocation to maximize returns. At the same time, SCOR Investment Partners also manages third-party client portfolios. DELIVERING THROUGH STRONG INVESTMENTS As SCOR’s third business, our Investments teams play a key role in ensuring the Group’s overall profitability. In 2024, we continued to deliver stable returns with the full year 2024 regular income yield of our high quality, mainly fixed income portfolio coming in at the higher end of our guided range at 3.5%. In the coming year, we will maintain a prudent approach to investments as we work to anticipate and harness opportunities as they arise. FRANÇOIS DE VARENNE Group Chief Financial Officer and Deputy Chief Executive Officer COMEX INTERVIEW F.D.V. TRANSFORMING TOMORROW WITH OUR SOLUTIONS 85
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