2021 Activity Report

Expert insights

Lessons from the Ever Given and the long-term risks of Covid-19

Building for impact

Combining the Art and Science of Risk to protect societies

Creating sustainable societies

Fostering a culture of volunteering

One Year

World

Activity Report 2021

One

Proﬁle- Raison d'être

Combining the Art & Science of Risk to protect societies

As a global independent reinsurance company, SCOR contributes to the welfare, resilience and sustainable development of society by bridging the protection gap, increasing insurance reach, helping to protect insureds against the risks they face, pushing back the frontiers of insurability and acting as a responsible investor. Through the expertise and know-how of its employees, it combines the Art and Science of Risk to offer its clients an optimum level of security and creates value for its shareholders by developing its Life & Health and Property & Casualty business lines, respecting strict corporate governance rules. SCOR provides its clients with a broad range of innovative reinsurance solutions and pursues an underwriting policy founded on proﬁtability, supported by effective risk management and a prudent investment policy.

Contents-

One Mission

Bridging the protection gapSCOR is leveraging relationships with on-the-ground partners to bring new solutions to African smallholders and extend protection against the risks they face.

OneSCOR

New options for breast cancerA team of SCOR medical experts, underwriters, actuaries, and data scientists are working together to push back the frontiers of insurability and lessen the ﬁnancial burden of insurance for breast cancer survivors.

One Vision

The FehmaBelt Fixed Link ProjectSCOR's expertise and years of experience in construction megaprojects bring valuable resources to high-priority projects, helping to ensure that they are brought to a successful conclusion.

P.06-P.08-

Editorial byDenis Kessler"Adapting and transforming", byLaurent Rousseau

P.12-

OneSCOR / Building the future togetherP.14- OneSCOR / Our people, their perspectives

P.18-P.22-

Bridging the protection gap "Sustainability is a collective journey", byClaire Le Gall-Robinson

P.24- Sustainability: A more resilient future

P.26-P.28-P.30-P.34-P.36-

Corporate Foundation for Science Biodiversity and Risk

SCOR for Good Diversity and inclusion Business model

P.44- International presence

P.46-P.48-P.50-P.52-P.54-

"A steady course", byFabian UfferEmerging Risk Radar

SCOR's governance

"A SCOR way of working", byEmmanuel Joffre"Better performance for a better world",

P.56-P.58-

byJean-Paul ConoscenteandRomain LaunayProperty & Casualty

"Driving health and wellness",

P.60-P.62-

byFrieder KnüplingandBrona MageeLife & Health

P.64-

"SCOR is changing for the better", byFrançois de VarenneInvestments

P.72-P.74-P.76-P.78-P.80-

2021 Highlights

Expert insights / Lessons from the Ever Given Expert insights / Long-term risks of Covid-19 "A strong franchise", byIan Kelly

Financial performance

P.82- Extra-ﬁnancial performance

"SCOR will activelyorientations of the "Quantum Leap" strategic plan. And we successfully served

he recent past has been a stark demonstration that uncertainties and instabilities of all kinds are multiplying.As the threat of new Covid-19 variants continues to loom, entropic forces are running riot on the world stage. Global "re-fragmentation" is ongoing, with a marked acceleration prompted by the war in Ukraine. Economic recovery is threatened by these developments, all the more so as inﬂationary pressure grows in Europe and the United States. The monetary "tightening" required to keep inﬂation under control could lead, if badly managed, to ﬁnancial problems and an economic slowdown. In terms of "acts of God", 2021 was the ﬁfth consecutive year of heavy natural catas-trophe losses. It seems increasingly likely that this is caused, at least in part, by global warming. In the legal and judicial ﬁeld, the extension of the concept of liability is radically modifying, sometimes retroactively, the nature of certain risks.

In a nutshell, our environment is growing increasingly "stochastic" and volatile.The world is facing ever more violent shocks and increasingly multi-fa-ceted threats. Risks are becoming more interdependent, serial, and global. Furthermore, new risks are emerging and transforming, boosted by scientiﬁc progress and technological innovation.

The multiplication of uncertainties and risks is a challenge for reinsurers in general, and for SCOR. But I have conﬁdence in SCOR's ability to pursue its value-creating development.The Group has demonstrated time and again its ability to absorb major shocks of all kinds. Moreover, an ever-riskier world casts no doubt on the relevance of the reinsurance industry, nor on the relevance of its business model. Quite the reverse! It underscores the crucial role of reinsurance which, through its fundamental function of pooling risks, contri-butes to the resilience and the development of societies and economies.

In the very difﬁcult 2021 environment, SCOR managed to deliver a satis-factory retuon equity, strengthen its solvency and deepen its franchise.The Group actively prepared for the transition to the new IFRS 17 accounting standard while pursuing the deployment of new technologies in line with the

our clients worldwide despite Covid-19-related constraints.

pursue its development with the twofold target of proﬁtability and solvency, leveraging the depth of its globaltechnologies.

The (re)insurance industry beneﬁts from long-term growth drivers: the expansion of the risk universe, the increasing sphere of insurable risks, and the progressive reduction of the protection gap in emerging and industrialized countries. SCOR will actively pursue its development with the twofold target of proﬁtability and solvency, leveraging the depth of its global franchise, its ﬁrst-class reputation, the richness of its human capital and its command of new

We have an extraordinary and fascinating job: helping the world to face

franchise, its ﬁrst-classever more complex, severe and global risks.Yreputation, the richness of its human capital and its command of new technologies."

Interview-Laurent Rousseau,Chief Executive Officer

"Adapting and transforming"

How do you plan to position SCOR in the current challenging environment?

- Recent events have been reshaping the world, and our sector, in profound and unexpected ways:

1.We are slowly exiting a prolonged pandemic that has accelerated digitalization and changed customer behavior;
2.Recent years have been marked by sustained natural catastrophes, prompting us to ﬁght climate change more actively;
3.And more recently, the war in Ukraine has reminded us of the resurgence of hard power and the ever-increasing com-plexities of our risk universe, from the geopolitical arena to cyber and macroeconomics.

While SCOR's strategic cornerstones (robust capital shield, strong franchise, high diversiﬁcation, and controlled risk appetite) continue to demonstrate their effectiveness, we need to accelerate our adaptation to this environment.We are therefore stepping up our efforts to continue to be ﬁnancially sustainable and fulﬁll ourraison d'être, by:fReducing volatility- decreasing our natural catas-trophe exposure in 2022 and building long-term partnerships with traditional retrocessionaires and alter-native sources of capital (e.g., EUR 400 million raised from two large European pension funds);

Increasing proﬁtability- re-balancing our P&C port-folio towards non-Cat business lines as the market is hard-ening, accelerating the management actions of our morta-lity book of business in L&H, and de-risking our investment portfolio in line with peers;

fGrowing the franchise- the Group achieved 9.8% gross written premium growth in 2021, with both busi-nesses deepening their franchise globally.

These actions allow us to continue to protect societies from extreme risks, while creating sustainable value for stakeholders and redistributing capital through a EUR 200 million share buyback and a proposed dividend per share of EUR 1.80 for 2021.

SCOR aspires to strengthen its position as a global Tier 1 reinsurer, leading by its understanding of risk and its ability to withstand shocks. SCOR'sraison d'être, and the role of (re)insurers in general, have never been more important. By responding quickly and adapting, we will be among the ﬁrst to tuthe current headwinds to our advantage. Our leader-ship team and I strongly believe that there are many opportu-nities ahead.

"Our people and their skills are our number one differentiator. Thanks to our teams, we are recognized as an underwriting-driven organization characterized by knowledge and technical expertise."

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SCOR SE published this content on 11 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 May 2022 12:52:39 UTC.