2022 Group Sustainability Report

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1. Overarching principles
2. SCOR's approach

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1.1. OVERARCHING PRINCIPLES

The Group's sustainability approach is guided by its Raison d'Être. The sustainability strategy aims to deliver on SCOR's Theory of Change based on the double materiality principle and its commitment to provide positive outcomes and improve resilience. SCOR's involvement in United Nations convened initiatives and the Sustainable Development Goals provides global frameworks to develop an ambitious sustainability strategy. These overarching principles are detailed in SCOR's sustainability policy. SCOR believes in transparency to demonstrate its accountability visa -vis its external stakeholders and to participate in accelerating the sustainability journey.

RAISON D'ÊTRE

As a global (re)insurance company, SCOR contributes to the welfare, resilience, and sustainable development of society by bridging the protection gap, increasing insurance reach, helping to protect the insured 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 L&H and P&C business lines, respecting strict corporate governance rules. SCOR provides its clients with a broad range of innovative (re)insurance solutions and pursues an underwriting policy founded on profitability, supported by effective risk management and a prudent investment policy.

The Group shares the fortunes of societies over the long term. Closing the protection gap is both an imperative, and a source of opportunities in its business which consists in two main goals:

1. protectingsocietyfromextremeevents,accompanying economic agents in mitigating the effects of climate change and enabling a smooth transition to a more sustainable future,

1. accompanying people's health and well-being, including by developing accessible health prevention.

To deliver on its ambition, SCOR ensures that this approach is clearly reflected in its main reference texts, in particular the Code of Conduct, and that every employee embarks on the Group's sustainability journey.

DOUBLE MATERIALITY

Protecting the business from downside effects linked to non-financial risks is part of SCOR's risk management. Insuring and financing the sustainable development of societies encompasses another dimension requiring SCOR to consider impacts of its decisions on People and ecosystems with the aim to not compromise the ability of future generations to meet their own needs. By doing so,

SCOR actively contributes to a more sustainable world and, in return, protects its business against damages over a much longer time horizon. This loopback effect drives back the long-term horizon within shorter-term business decisions. This double materiality principle combines financial (outside-in) and impact (inside-out) materiality and underpins SCOR's Theory of Change.

SCOR considers a sustainability matter as material if it is relevant from:

1. a financial perspective (or outside-in approach), which is related to the financial risks and oppor- tunities that sustainability matters can have on the organization, or

1. an impact perspective (or inside-out approach), which is related to the significant impacts that SCOR can have on people or the environment.

NON-FINANCIAL RISK MANAGEMENT

SCOR conducts internal assessment of the main sustainability issues, risks and opportunities that could have a financial impact on its business activities. As such, SCOR may be exposed to emerging risks, which include new threats or constantly changing current risks with a high degree of uncertainty. The transformation of the economy may also provide business opportunities that are constantly being analyzed for further developments. Environmental, social and governance (ESG) trends may both positively or negatively impact SCOR's business and operations.

SCOR'S THEORY OF CHANGE

The Group's main concerns are directly linked to its core business and focus on people and resilience: improving protection of societies and participating in building a more resilient economy.

SCOR has developed its own Theory of Change, striving to optimize its impact on Human Capital, Nature and People. It is underpinned by its Raison d'Être to combine the Art and Science of Risk to protect societies and recognizes the need to act to improve resilience. It follows three guiding principles:

1. SCOR strives to reduce negative impact of all its activities,

1. as it operates alongside the real economy, the
   Group needs to engage with its partners, clients, and investees to support their own journey toward more resilience, and

1. SCOR wants to support the transition to a better tomorrow and to benefit from opportunities stemming from this transition.

TRANSPARENCY

Measuring progress and publicly reporting on outcomes is part of SCOR's philosophy. It demonstrates the Group's commitment to deliver on its objectives and targets and contributes to spreading good practices and sharing innovation across the (re)insurance industry.

SELECTED NON-FINANCIAL RATING AGENCIES

AA

BBB

BB

2015 2016 2017 2018 2019 2020 2021 2022

Scale: C to AAA. Last Update: July 2022.

B

C

F

Scale: D - to A. Last Update: December 2022.

This effort and SCOR's journey towards sustainability was increasingly recognized by non-financial rating agencies, and most of SCOR's ratings have notably progressed:

61

58

45

2015 2016 2017 2018 2019 2020 2021 2022

Scale: 0 to 100. Last Update: June 2022.

63

59

39

Scale: 0 to 100. Last Update: September 2022.