HOW DOES SCOR AVOID VOLATILITY IN ITS INVESTMENTS? F.D.V. Any source of uncertainty and volatility in the markets can impact investments. Geopolitical tensions, economic situations of specific regions or countries, or tariff wars are all examples of such factors, but there are also many others. We cannot avoid volatility from these risks. They are an inherent part of financial markets. However, we mitigate these risks by following a prudent investment approach and doing so with rigorous discipline. Additionally, we also set up an ALM team that helps define and implement actions to minimize the sensitivity of our portfolio to market volatility. HOW DO YOU FORESEE THE ROLE OF TECHNOLOGY AND INNOVATION IN SHAPING FUTURE INVESTMENT STRATEGIES? F.D.V. Technology and innovation permeate every facet of SCOR’s business and it is no different when it comes to our Investments business: tech, data, and the innovation and opportunities they bring will be key in shaping the future of investment strategies. Improvements on the exploitation of data impact many aspects of our investment activities, such as decision making, performance measurement, and risk management. The implementation of IFRS 17 gives us access to more granular data, which is very useful in building a more developed view of our cash flows – which, in turn, helps inform and improve the decisions we make regarding the management of our assets. This more developed view was very useful in defining the actions to take regarding the lengthening of our portfolio’s duration in order to minimize our investment portfolio’s sensitivity to market movements. . Total invested assets as of December 31, 2024 Structured & securized products 2% Loans 5% Others 5% Equity 0% Real estate 3% Cash 9% Short term investments 0% Liquidity 9% Corporate bonds 45% Covered bonds & agency MBS 8% Government bonds & assimilated 23% €24.2 billion invested assets 3.5% return on invested assets 4.5% reinvestment rate TRANSFORMING TOMORROW WITH OUR SOLUTIONS 87
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