Documents des Résultats Finaciers

Climate Report 2021

Combining the Art and Science of Risk

to protect societies

Cover image:

Trees grow to a gigantic size in the rainforest, and are supported by strong, strut-like buttresses at the base of the trunk that help to stabilize them in shallow forest soils.

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.

Foreword-

SCOR is a longstanding participant of the United Nations Global Compact and acknowledges the high relevance to its business of the Sustainable Development Goals (SDGs). In particular, SCOR is committed to reducing climate-related risk by helping to make companies more resilient, promoting the adoption of appropriate practices and principles, fostering cooperation, and encouraging good governance, integrity and accountability.

SCOR supports several international sectoral climate-related initiatives, such as the French Business Climate Pledge signed in the wake of the Paris Climate Agreement, the Geneva Association's Climate Risk Statement on Climate Resilience and Adaptation, and the Net-Zero Asset Owner Alliance (NZOA). In 2021, SCOR co-launched the pioneering Net-Zero Insurance Alliance (NZIA) and joined the Act4Nature International initiatives, amongst others. The Group also became one of the ﬁrst (re)insurers to sign up to the Climate Transition Pathway accreditation framework.

In demonstration of its continued commitments to ﬁght climate change, SCOR supports the Task-force for Climate-related Financial Disclosures (TCFD) and the implementation of its recommendations. Therefore, SCOR publishes this Climate Report, which provides an overview of SCOR's climate-related risks and opportunities, as well as information on how its business model and strategy are resilient to those climate-related risks. The report is structured according to the four disclosure sections proposed by the TCFD: Governance, Strategy, Risk Management and Metrics and Targets. While preparing this report, SCOR has taken into account the Guidelines on reporting climate-related information, communicated by the European Commission in 2019 and the guidance published by the French market authority (Autorité des Marchés Financiers) in its December 2020 report, "TCFD climate reporting in the ﬁnancial sector".

The information in this report was prepared based on data available as of December 31, 2021.

Contents-

Governance of climate-related issues and risks

Risk management

P. 34-3.1. Identiﬁcation and assessment of climate-related risks
P. 34- 3.1.1. Identiﬁcation of climate-related risks
P. 34- 3.1.2. Assessment of climate-related risks
P. 36-3.2. Management of climate-related risks
P. 36- 3.2.1. Strategic risks
P. 36- 3.2.2. (Re)insurance activities
P. 37- 3.2.3. Investment activities
P. 39- 3.2.4. Operations

Metrics and targets

P. 42-4.1. Commitments taken towards a net-zero emissions economy
P. 42- 4.1.1. Investment activities
P. 43- 4.1.1. Underwriting activities
P. 43- 4.1.3. Group's operations
P. 43-4.2. Key metrics and performance indicators

18
P. 45- 4.2.1. Impact of natural catastrophes on underwriting activities

Strategy
P. 44- 4.2.2. The share of eligible activities to the

European Taxonomy
P. 45- 4.2.3. Exposure to fossil energies for investment activities
P. 46- 4.2.4. Carbon intensity by enterprise value on corporate bonds and equity for investment activities
P. 47- 4.2.5. Other metrics used for investment activities

P.48- 4.2.6. Monitoring the impact of SCOR's operations on the environment

P. 10	-1.1. General framework
P. 10	-1.2. Board of Directors' oversight of
climate-related issues
P. 12	- 1.2.1. Role and activities of the Board
of Directors
P. 12	- 1.2.2. Role and activities of the Board's
committees
P. 13	-1.3. Role of the management bodies in
climate-related issues
P. 13	- 1.3.1. Group Executive Committee and its
specialized committees
P. 15	- 1.3.2. Coordination, implementation and
operational governance
P. 16	-1.4. Performance criteria
P. 16	- 1.4.1. The Chairman and Chief Executive
Ofﬁcer's climate-related objectives for
2021
P. 17	- 1.4.2. The environmental criterion in the
Compensation policy for 2022

P. 22	-2.1. SCOR's exposure to climate-related risks
P. 22	- 2.1.1. Impacts on strategic risks
P. 23	- 2.1.2. Impacts on (re)insurance activities
P. 24	- 2.1.3. Impacts on investment activities
P. 26	- 2.1.4. Impacts on operations
P. 27	-2.2. Identiﬁcation of climate-related
opportunities
P. 27	- 2.2.1. P&C business opportunities
P. 28	- 2.2.2. Life & Health business opportunities
P. 28	- 2.2.3. Climate-related investment opportunities
P. 29	-2.3. SCOR supports climate awareness and
took several decarbonization
commitments as part of its strategy
P. 29	- 2.3.1. Participation in industry working groups,
research activities and institutional
commitments
P. 30	- 2.3.2. SCOR is committed to net-zero emissions
by 2050 through different initiatives

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Disclaimer

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 10:43:15 UTC.