In addition to these teams, we have a Sustainability team, which ensures that sustainability objectives are achieved across the Group. This team drives the sustainability dimension of the Group’s investment guidelines hand-in-hand with the Group Investment Office. In 2024, SCOR went through an organizational transformation to enhance efficiency and collaboration and as part of this reorganization the Group Investment Office and the ALM team joined the new Group Treasury team. The adjustment of the duration of SCOR’s fixed income portfolio is a good example of an impactful initiative made possible through the close collaboration between the ALM and Group Investment Office teams. HOW DO THE INVESTMENT TEAMS WORK WITH OTHER TEAMS THROUGHOUT SCOR? F.D.V. The Investment teams work with other teams on a very frequent basis. One example that comes to mind is the definition and implementation of our ALM measures that require a very close collaboration of our teams across Finance and Risk. This collaboration is multifaceted and mutually beneficial: it encourages innovation by allowing for natural avenues for each of the teams to bring constructive challenges to the conversation and offer additional insights and perspectives. By doing so, it helps to create a common vision and understanding of the topics we are working on as a Group. WHAT ROLE DO SUSTAINABLE INVESTMENTS PLAY IN THE OVERALL PORTFOLIO? F.D.V. We believe that SCOR has a responsibility to contribute to a better future, notably by having a positive impact on our planet and societies, which is embodied by the Group’s Raison d’Être. As with other areas of SCOR’s business, sustainability is an important consideration for our investment activity and is incorporated as a key part of our investment strategy. This translates operationally through exclusions or divestments in line with international frameworks, best-in-class strategies, and investments in solutions with positive impact. We have shown our commitment to sustainability through the 39% decrease of our portfolio’s carbon intensity versus December 2019, far exceeding our original target of a 27% reduction. We aim to further decrease the carbon intensity of our investment portfolio to achieve a decrease of 55% by December 2029. ARE THERE ANY NEW INVESTMENT OPPORTUNITIES OR SECTORS YOU ARE PARTICULARLY EXCITED ABOUT? F.D.V. SCOR Investment Partners introduced two new strategies in 2024. The first one focuses on high-income infrastructure debt strategy with a sustainability dimension to it. The second one focuses on value-add debt funds with the goal of responding to energy transition stakes in the sector. We are very excited about the launch of these two new strategies. Of course, we are also observing market trends and will pursue any other opportunity that seem interesting and that can answer to our clients’ needs. “We believe that SCOR has a responsibility to contribute to a better future.” 86 ACTIVITY REPORT 2024
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