Documents des Résultats Finaciers

Contents

SCOR establishes Lloyd's Syndicate 2015 to underwrite specialty insurance products. Denis Kessler is named

2 011 Reactions Reinsurance CEO of the Year by both the London Market Awards and Intelligent Insurer magazine. He will win the same award from Reactions again in 2013.

2002 -

DATES OF DENIS KESSLER'S GOVERNANCE

SCOR achieves a major milestone with ratings of AA- from S&P and Fitch.

SCOR's internal model is the first to be approved by The Autorité de Contrôle Prudentiel et de Résolution (ACPR), covering all risks to which the Group is exposed, making it the first full internal model to be approved at Group level in Europe.

2023

SCOR at a Glance

SCOR at a Glance

Local knowledge with a global reach

SCOR, a leading global reinsurer, offers our clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk. Applying "The Art and Science of Risk," SCOR uses our industry-recognized expertise and cutting-edge financial solutions to serve our clients and contribute to the welfare and resilience of society.

€19.4 billion

gross written premiums

€9.9 billion

gross written premiums L&H

€9.5 billion

gross written premiums P&C

3.2%

retuon invested assets

SUPPORTING SUSTAINABILITY

64%

reduction in carbon footprint per employee vs 2014 Emission scopes 1 & 2 as defined by the GHG Protocol

60%

of employees work in green-certified offices

Well-diversified L&H and P&C portfolios

Gross written premium split in percentage (rounded)

45%

AMERICAS

19%

APAC

5,200

clients throughout the world

3,491

employees

of 65 nationalities

35

offices worldwide

65%

of electricity in SCOR offices comes from renewable energy sources

36%

EMEA

Letter to shareholders

SHAREHOLDERS

"SCOR will actively pursue its development with

the two-fold target of solvency and value creation."

Fabrice Brégier

Chairman of the Board

LETTER TO

As we reflect on the landscape of the reinsurance industry in 2023, it's evident that the

persistent challenges and evolving

­dynamics have shaped a complex en- vironment. Against this backdrop is SCOR's historic full year net income of EUR 812 million, which speaks to the value of our business, the commitment and expertise of our employ- ees, and the ongoing relevance of our Raison d'Etre.

The trajectory of climate change continues to exert substantial pressure on our industry - and, indeed, our world - manifesting in the increased frequency and severity of natural perils. Notably, 2023 marked the fourth consecutive year where insured natural perils surpassed USD 100 billion globally, underscoring a concerning trend that demands our sustained attention and collective proactive measures.

Moreover, the emergence of systemic risks looms large, propelled by the interconnected nature of modesocieties. Events such as pandemics and cyber-attacks exemplify the potential for localized risks to escalate into global crises, highlighting the need for robust resilience frameworks.

These and other emerging and evolving risks continue to reshape the face of our industry, underlining the need for innovative and adaptable solutions for prevention, protec- tion, and resilience.

Alongside these trends, the digital transformation and the ever-quickening pace of new technologies are ushering in a new global dynamic - one to which our industry is not immune - and creating a push and pull of new challenges and opportunities. Not only does this transformation bring with it a slew of new risks, it also represents an incredible chance to improve efficiency, adapt how we approach questions of risk, and better meet our clients' needs.

And, indeed, SCOR is transforming to meet these changing needs and anticipate the needs of tomorrow with the launch of SCOR's eighth strategic plan, Forward 2026, in September 2023. This strategic plan marks a turning point for the Group as we look to create value and become the reinsurer of tomorrow. Concretely, this means future -proofing our business: having a clear vision of the risks of tomorrow and proactive- ly developing the innovative solutions needed to address them.

Forward 2026 outlines strategic goals for all of SCOR's businesses - P&C, L&H, and Investments - and serves as a roadmap for the coming years. In 2024, we will ensure our clients remain at the heart of our business by first streamlining our internal organisation to bring our experts closer to our clients and faciliate agile decision-making.

Letter to shareholders

A strong vision

As SCOR navigates the needs of an evolving industry - in a changing world - our commitment to our Raison d'Etre does not waver. We have always been and will continue to be dedicated to combining the Art and Science of Risk to protect societies.

We are convinced that as societies grapple with escalating and evolving risks, the role of our industry is more essential than ever. (Re)insurance serves as a crucial financial safety net, enabling societies to navigate large-scale losses and ensuring stability and resilience for individuals amidst uncertainty. But beyond this, we also have a responsibility to push for preventative measures that can reduce the impact of risks or keep them from being realized in the first place.

Consider, for example, the risk of cyberat- tacks. Cyber risks are surging due to society's reliance on digital technologies, yet as much as 90% of risks are under- or uninsured. The (re)insurance industry can go beyond risk- bearing: by promoting awareness, encouraging prevention, developing standards for incident and loss reporting, and enhancing risk modeling, we create a robust framework for addressing cyber risks.

Similarly, our industry has long since enabled recovery after a climate-related events such as floods or drought. But, here again, reinsur-

ers can do more by pushing for preventative measures. Backed by the extensive data accumulated by risk experts, we can advise building codes, promote resilient engineer- ing, and oppose unsustainable development, while also backing sustainable development, supporting new energy projects, and pushing for innovative initiatives that will limit CO2 emissions - all of which will help to prevent climate-related damage from occurring in the first place.

With Forward 2026, SCOR is committed to driving value creation, while shaping the reinsurer of tomorrow. This means leaning into the current hard market while recognizing future opportunities as we evolve our business around four key axes: asset and liability management (ALM), capital management, risk partnerships, and data and AI. We explore Forward 2026 and our ambitions for the coming years on page 26.

To do so, SCOR leverages our strong leadership team (page 18) and relies upon the full breadth of our employees' expertise, spanning underwriting and claims manage- ment, actuarial science, risk modeling and management, data science, and more. Operating from 35 offices in 26 countries, we combine global shared knowledge with local insights to meet clients' unique needs. Leamore about our people on page 48.

Driving solutions

For every risk, there is an opportunity and it is our responsibility to ensure that the solutions we offer serve to minimize impact, enable recovery, and foster sustainable growth. In the hands of our (re)insurance experts, our vision is transformed into successful solutions that support the protection and resilience of societies.

Throughout this report, you will have the chance to explore the many facets of SCOR's business, dive deeper into our strat- egy, and discover many examples of how our teams are having an impact.

Our Property and Casualty (P&C) teams are working toward a more sustainable future by supporting the energy transition and the de-

they risk outliving their retirement and savings, putting individuals in precarious financial situations in the final years of their lives.

Across our protection and longevity lines, our teams are working to ensure that people are not just living longer, but also better so they can enjoy more of those years in good health - both physically and financially (page 72).

Both our P&C and L&H teams are integrating new sources of data and cutting-edge technologies that offer new precision in risk modeling and automate repetitive tasks so our experts can dedicate more of their time to creating value for our clients (page 34).

"As SCOR navigates the needs of an evolving industry

- in a changing world -

our commitment to our Raison d'Etre does not waver."

Thierry Léger

Chief Executive Officer of SCOR

velopment of new, green infrastructure proj- ects. In 2023, SCOR launched the New Energy Practice within SCOR Business Solutions (formerly Specialty Insurance) to meet the energy transition needs of existing and potential clients around the world. By creating further opportunities for collaboration among SCOR's construction, property, liabil- ity, political and credit risk, and cyber insurance teams, we are developing bespoke, data-driven solutions to ensure the success of our clients' projects. You can leamore about SCOR's P&C business on page 60.

In Life and Health (L&H), changing demographics are driving many of the new needs appearing around the world. Aging populations threaten to place an increased strain on national healthcare systems. More than 12,000 people are turning 65 each day in the US alone and, in France, 20,000 people are expected to lose their autonomy each year. At the same time, as people live longer,

Meanwhile, our Investments teams are committed to supporting the energy transition and sustainable development of societies, so that our shared future will be a bright one. Sustainability is an integral part of our investment strategy and ESG criteria are embedded in our investment decisions through carefully considered exclusions, targets, and trajectories (page 84).

The future will doubtless hold challenges - but it will also bring opportunities to shape a better tomorrow. As a top global reinsurer, we have the important job of inspiring resilience and empowering societies to overcome the risks they face. We would like to thank our clients, partners, and shareholders for their continued confidence in our business and our experts for their unwavering commitment to our vision and their dedication to the Art and Science of Risk.

Together, we are all moving in the same direction - forward.

SCOR reports record results in 2023

And lays strong foundations

for Forward 2026

€812 

million

consolidated net income

€4.7

billion

shareholder equity

€9.2 billion

economic value

€35.5 billion

balance sheet

In 2023, SCOR reported record results, surpassing both solvency and value creation targets. With the launch of our new strategic plan, Forward 2026, SCOR aims to capitalize on the most supportive P&C market environment of the past two decades and the positive conditions in L&H and Investments markets. Bolstered by the Group's financial strength

and promising business outlook, confidence in SCOR's ability to achieve our ambitious targets under the Forward 2026 plan is unwavering.

Throughout 2023, SCOR demonstrated strong performance across all business activities, boasting a strong economic value growth of 8.6% and a robust solvency ratio of 209%. The Group's balance

€19.4

billion

gross written premiums

EVOLUTION OF GROSS WRITTEN PREMIUMS SINCE 2012 (in billion EUR)

9.6 10.9 11.3 13.4 13.8 14.8 15.3 16.3 16.4 17.6 19.7 19.4

20

15

sheet remains resilient, with increased confidence levels above the best estimate range in P&C reserves. An external independent review affirmed the prudence of SCOR's reserving strategy, validating its effectiveness since the second quarter of 2023.

Looking ahead, SCOR is committed to sustained growth in selected lines of business, building on our solid foundation and strong client relationships. The successful outcomes of the 1.1.2024 P&C renewals further fuel SCOR's momentum as we implement the Forward 2026 plan, prioritizing profitable growth and continued excellence in global risk management.

SCOR is proud to stand at the forefront of the (re)in- surance industry. With unwavering commitment to innovation, expertise, and client-centric solutions, SCOR is poised to navigate the complexities of the moderisk landscape and drive sustainable growth well into the future.

209%

2023 year-end solvency

€589 million

L&H insurance service result

85.5%

net combined ratio

RATING AGENCIES

A A+

A1 A+

SOLID OPERATING CASH FLOWS ENABLING ATTRACTIVE CAPITAL RETURN

Group operating cash flow (in EUR millions)

€1.80

proposed regular dividend per share for 2023

High level 2023 results and SCOR non-financial highlights

Building financial momentum

An interview with François de Varenne

Coming out of a year where elevated natural catastrophes, inflation rates, and other market conditions led to a pinch in the reinsurance industry, 2023 has marked a significant turning point for the Group. With decisive action to right-size exposures leading to improved profitability and the publication of

a new strategic plan, SCOR delivered a record net income and overall positive results in 2023.

We are also improving our liquidity position overall with EUR 10.2 billion financial cash flows expected within the next 24 months. And our Solvency Ratio remains in the upper part of the Optimal Range at 209%.

Can you highlight any specific strategic decisions that contributed to SCOR's success in 2023?

Clearly, the right-sizing of the P&C NatCat portfolio bore fruit, as did the strong discipline we applied on pricing and reserving.

The NatCat ratio stood at 1.5% in Q4 2023 and 7.3% for the full year, well below our annual NatCat budget of 10%. It is particularly important that we are not over-exposed to climate- related events, considering the increasing frequency and severity of these events in the last decade and, as such, SCOR will maintain a prudent approach to these exposures moving forward.

"We are very pleased with this excellent performance, which was achieved while maintaining strong discipline

and increasing our confidence level in our reserves."

What are your key priorities for 2024?

For 2024, all assumptions and targets of the Forward 2026 plan remain unchanged. We will remain focused on the delivery of the Forward 2026 plan throughout 2024.

We have also started implementing some major projects for Finance in 2024, including the Asset Liability Management (ALM) project and the Capital Allocation Project, which speak to the cross-functional and collaborative way of working at

SCOR, as these projects will involve the contribution from the Data and Data Platform Office (DDPO) team.

Can you elaborate on the importance of data for SCOR and the CFO domain in particular?

Data and Artificial Intelligence have been identified as one of the long-term differentiators to prepare SCOR to be the reinsurer of tomorrow.

And data itself is at the heart of the reinsurance business. Without data,

we cannot price, underwrite, or reserve. At SCOR, we have access to various sources of data. Through the creation of the DDPO and the launch of our new data platform using Foundry from Palantir, we aim to build a single source of truth to give everyone at SCOR easy access to qualitative, secured data that is compliant by design.

This single source of truth will be linked to SCOR's existing information systems and will respect our high standards in terms of security, availability, and governance.

SCOR's Executive Committee

Steering success

With SCOR's steadfast Executive Committee

SCOR believes strong governance­ is key to a resilient­ company that can foster growth and excellence in its employees, while contributing to the sustainable development of societies. We work hard to ensure SCOR is led by a team of qualified men and women whose personal convictions reflect SCOR's values and whose experience enables them to guide the Group toward

its financial and business targets.

Claudia Dill

Group Chief Operating Officer

Claudia Dill, a Swiss citizen, joined SCOR in November 2023 as Group Chief Operating Officer and the Executive Committee member in charge of Technology, Transformation, Global Real Estate, and Regional Services Platforms. Prior to that, she worked for the Zurich Insurance Group in a range of leadership positions, including as CFO for internal reinsurance and the reinsurance run-off unit, CFO for the European business and global COO of Property and Casualty, Chief Executive Officer for the Latin American business, and member of the Group Executive Committee.

Claire Le Gall-Robinson

Group General Secretary

and Group Chief ESG Officer of SCOR;

Governance, Human Resources,

Sustainability, Legal & Compliance

and Communications & Public Affairs

Claire Le Gall-Robinson, a French citizen, practiced for more than 17 years in leading US law firms. She joined SCOR in 2016 as Group General Secretary and,

in March 2021, she was appointed to the Executive Committee. In her current role, she oversees governance, human resources, legal & compliance, sustainability, and communications & public affairs.

Thierry Léger

Chief Executive Officer

Thierry Léger, a French and Swiss citizen, began his career in the civil construction industry before joining Swiss Re as an engineering underwriter in 1997. During his career at Swiss Re, he held multiple positions and responsibilities in different markets. In September 2020, he assumed the role of Group Chief Underwriting Officer. He joined SCOR as Chief Executive Officer on 1 May 2023.

François de Varenne Deputy Chief Executive Officer and Group Chief Financial Officer

François de Varenne, a French citizen, joined SCOR in 2005 as Director of Corporate Finance and Asset Management. In 2008, he was appointed Chief Executive Officer of SCOR Global Investments. In September 2021, he began oversight of an enlarged area of leadership including Investments, Technology, Budget, Transformation, and Group Corporate Finance. From 26 January to 30 April 2023, he served as Interim CEO of SCOR. He was appointed Group Chief Financial Officer and Deputy Chief Executive Officer of SCOR on 30 May 2023.

Redmond Murphy

Deputy CEO of SCOR Life & Health

Redmond Murphy, an Irish citizen, is a qualified actuary and CFA charter holder. He joined SCOR in 2014

as the CFO of SCOR Global Life Reinsurance Ireland. He went on to hold several senior roles within SCOR for Life & Health and Finance, including Deputy Group CFO and Group Head of Business Performance before being appointed to his current role in November 2023.

Romain Launay*

Deputy Chief Executive Officer of SCOR Property & Casualty

Romain Launay, a French citizen, joined SCOR in February 2012 as Senior Advisor to the Chairman and Chief Executive Officer, before being appointed Group General Secretary in May 2014. In February 2016, he became Group Chief Operating Officer. In September 2021, he was named Deputy Chief Executive Officer of SCOR Global P&C and CEO of SCOR Business Solutions (formerly Specialty Insurance).

Jean-Paul Conoscente

Chief Executive Officer

of SCOR Property & Casualty

Jean-Paul Conoscente, an American and French citizen, joined SCOR in 2008 as the Chief Underwriting Officer for SCOR Global P&C, Americas, where he helped transform SCOR's team and portfolio before taking

on the role of CEO of SCOR's P&C US Operations in 2016. He was then appointed CEO of P&C Reinsurance globally in 2018 and, in April 2019, stepped into his current role of CEO of SCOR P&C.

Frieder Knüpling

Chief Executive Officer of SCOR Life & Health

Frieder Knüpling, a German citizen, has been a member of SCOR's Group Executive Committee since 2010, serving first as Deputy CEO of SCOR Global Life, then as Deputy Group Chief Risk Officer, and finally as Group Chief Risk Officer before being appointed CEO of SCOR Life & Health in September 2021. Prior to that, he held various actuarial, risk, and finance roles at SCOR, Revios, and Gerling Global Re.

Fabian Uffer

Group Chief Risk Officer

Fabian Uffer, a Swiss citizen, is a qualified member of the Swiss Association of Actuaries. He joined SCOR's P&C Risk Management department in 2009 and then transitioned to Group Financial Modeling and Risk Analysis, where he held various positions including Head of Risk Modeling. In 2021, he was appointed to his current position of Group Chief Risk Officer.

* Effective 29 April 2024, Romain Launay has left SCOR to pursue other opportunities.