SCOR Ireland(**) -Solvency and Financial condition report

Solvency and Financial Condition Report for SI - YE2024

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Solvency and Financial Condition Report for SI - YE2024

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Solvency and Financial Condition Report for SI - YE2024

Within the executive summary and the narratives of the rest of this report, figures have been presented in millions of currency units to improve readability. Tables containing figures in the rest of this report are presented in thousands of currency units. Small rounding differences may exist but the numbers included reflect the results presented in the Solvency II Quantitative Reporting Templates.

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Solvency and Financial Condition Report for SI - YE2024

EXECUTIVE SUMMARY

INTRODUCTION

This document, the Solvency and Financial Condition Report (SFCR) for SCOR Ireland dac (further referred to as SI or the 'Company'), presents information on SI and its solvency position as at December 31, 2024 and has been prepared in accordance with Solvency II regulations. SFCR appendices include key financial information in the standard format of Solvency II public Quantitative Reporting Templates.

The SI SFCR is available at www.scor.com and has also been submitted to the relevant supervisory authorities. The Solvency and Financial Condition Report includes the following chapters, which are summarized below:

1. Business and performance
2. System of governance
3. Risk profile
4. Valuation for solvency purposes
5. Capital management

SCOR Global Reinsurance Ireland dac (further referred to as SGRI) is the immediate parent of SI. The ultimate parent company is SCOR SE, a European company domiciled in France. SCOR SE, together with its consolidated subsidiaries (referred to collectively as "SCOR" or the "Group"), form the world's 6th largest reinsurer1 and is listed on the Euronext Paris regulated market and on the SIX Swiss Exchange (formerly SWX Swiss Exchange) in Zurich.

Within the executive summary and the narratives of the rest of this report, figures have been presented in millions of currency units to improve readability. Tables containing figures in the rest of this report are presented in thousands of currency units.

References to additional detail included in the following publicly available documents have been made throughout the report:

• 2024 Document d'Enregistrement Universel - the Universal Registration Document of SCOR SE, including the consolidated financial statements of SCOR Group and unconsolidated corporate financial statements of SCOR SE (Etats financiers non consolidés de SCOR SE), filed with the French financial markets authority (Autorité des marchés financiers - AMF) and available on SCOR's website www.scor.com/en/financial-results (further referred to as the 2024 Universal Registration Document or the URD);
• Solvency and Financial Condition Report for SCOR Group and SCOR SE as of December 31, 2024 (further referred to as SCOR Group SFCR) and available atwww.scor.com/
• SCOR's new strategic plan, "Forward 2026" covering the period 2024 to the end of 2026, available atwww.scor.com/en/press-release/scor-launches-its-new-strategic-plan.With "Forward 2026", SCOR will drive value creation for its shareholders, clients, employees, and for society as a whole. The Group maintains a controlled risk appetite and disciplined underwriting as it acts on business opportunities created by the supportive market conditions, fueling growth on its diversified and equally weighted P&C and L&H portfolios. On December 12, SCOR hosted its 2024 Investor Day in London and presented its new L&H strategy and updated Forward 2026 strategic plan.

1 By net reinsurance premiums written, source: "AM Best Special Report Global Reinsurance 2024"

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Solvency and Financial Condition Report for SI - YE2024

SCOR Ireland dac

Business and performance

As per regulatory requirements, this report focuses on the developments in the financial year ending on December 31, 2024.

The SCOR Group has consistently executed its strategic plans combining growth, profitability and solvency, and it continues to take actions to navigate the transition to new risk environments and fully seize new opportunities.

As at December 31, 2024 SCOR Ireland dac (SI) operates as a composite entity and underwrites Life and Non-Life reinsurance business.

SI underwrites Life business in the Americas and Europe (United Kingdom) in the following product lines:

• Protection;
• Financial Solutions;
• Longevity.

Protection encompasses the traditional Life reinsurance business for living and death benefits. The main risks undertaken are mortality and behavioural risks for individuals and groups of individuals. Financial solutions typically combine traditional Life reinsurance with financing components providing liquidity, balance sheet, solvency and/or income improvements to the client. Longevity products cover the risk of negative deviation from expected results due to the insured or annuitant living longer than assumed in the pricing of insurance cover provided by insurers or pension funds.

SI underwrites Non-Life Reinsurance business, via retrocessional contracts, from SCOR's entities in the United States of America for Property Catastrophe business and US treaty Casualty business.

System of governance

SI is a designated activity company incorporated in Ireland, with its registered office located at 6th Floor, 2 Grand Canal Square, Dublin 2 and registered with the Irish Companies Registrations Office under the number 614549. It is authorized and regulated by the Central Bank of Ireland as a composite reinsurance company and is also authorized to operate:

• within the European Union pursuant to the European passporting regulation;
• in other countries where operating in reinsurance is not subject to licence.

The Constitution of SI and the Internal Regulations of the SI Board of Directors set forth the fundamental rules of its governance inter alia the structure, composition and organization of the SI Board of Directors as well as the duties and responsibilities of the directors.

Risk profile

SI regularly conducts reviews of the risks that could have a material adverse effect on its activity, its financial position or results (or capacity to meet objectives) and considers that no significant risk other than those disclosed in the Risk profile chapter of this report exists.

SI has identified the following risk categories:

• underwriting risks related to the P&C and L&H reinsurance businesses: these risks are accepted on the basis of their estimated risk-adjusted profitability and provisions are maintained in the balance sheet to cover the estimated ultimate liability for losses and adjustment expenses on reported and unreported claims incurred at the end of each accounting period, net of the corresponding estimated recoveries;
• market risks: the risk that the fair value of future cash flows of a financial instrument fluctuates because of changes in market prices or macroeconomic variables;
• credit risks: which are related to borrowers and counterparties failing to fulfil their contractual obligations;
• liquidity risks: the risks of not having sufficient financial resources available to meet obligations as they fall due, or only being able to secure them at excessive cost;
• operational risks: which are inherent to all businesses, mainly come from risks related to systems, staff, processes, the legal/regulatory environment, risks related to external fraud and cyber-attacks;

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Solvency and Financial Condition Report for SI - YE2024

• strategic risks: refer to risks related to strategic decisions and the strategic positioning of the company, which can arise as a result of either the strategy itself, from external risks or from internal risks. Thus, emerging risks could also impact the success of the strategy.

All risks described in the Risk profile chapter are managed through a variety of mechanisms in SI's Enterprise Risk Management (ERM) framework.

Valuation for solvency purposes

Solvency II requires SI to produce an economic balance sheet (subsequently referred to as EBS) representing a market view of its assets and liabilities as at the reporting date. Solvency II regulations require the EBS to include assets valued at the amount for which they could be exchanged between knowledgeable willing parties in an arm's length transaction and liabilities valued at the amount for which they could be transferred, or settled, between knowledgeable willing parties in an arm's length transaction. In addition, liabilities are not adjusted to take account of the credit standing of the reporting entity.

The details of the valuation principles applied in the EBS, including the differences between the valuation principles and those applied in the financial statements, are outlined in Chapter D - Valuation for solvency purposes of this report.

In the EBS both assets and liabilities relating to in-force business are recognized at market-consistent values which constitutes the valuation for solvency purposes. SI's EBS as at December 31, 2024 has been prepared based on the assumption that the Company will continue as a going concern, in line with the preparation of the financial statements. SI prepares its financial statements in accordance with International Financial Reporting Standards (IFRS). The Company adopted IFRS 17 Insurance Contracts in accordance with the International Reporting Financial Standards requirements in 2023.

The preparation of the EBS requires management to make certain judgements, assumptions and estimates. These affect the reported amounts of assets and liabilities and the additional disclosures. Management reviews these estimates and assumptions periodically, based on past experience and other factors. The actual outcome and results could differ substantially from estimates and assumptions made. The most material financial statement items for which SI uses estimates and assumptions are insurance contracts issued, reinsurance contracts held, the fair value and impairment of financial instruments and deferred taxes.

Capital management

Capital management is at the core of SI's strategy. SI's goal is to manage its capital in order to maximize its profitability, while maintaining solvency, in line with its risk/retustrategy as defined in SCOR's current strategic action plan, focusing on 2024-2026 Forward 2026.

As a 100% subsidiary of the SCOR Group, SI's capital management governance and processes are in line with those of the SCOR Group.

SCOR developed its internal model to ensure that its solvency is properly measured: the model is part of a comprehensive solvency framework which seeks to ensure that SCOR, including SI, is solvent now and will continue to be solvent in the future. Based on a deep understanding of the risks SCOR faces, the internal model uses state-of-the-art techniques to measure solvency and assess capital requirements, including the SCR.

SCOR applies the same internal model across the Group, including SI. The regulatory solvency position of SI is assessed using SCOR's internal model, which was approved for the Group in November 2015 by the relevant supervisory authorities and extended to SI in November 2018. An extension for SI's use of the internal model for Non-Life business was approved in October 2021.

SI considers all its eligible own funds, identified in line with Solvency II rules and resulting from economic adjustments made to SI's shareholder's equity under IFRS, as available and eligible to cover the SCR.

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Solvency and Financial Condition Report for SI - YE2024

A.BUSINESS AND PERFORMANCE

A.1 Business

A.1.1 OVERVIEW

A.1.1.1 NAME AND LEGAL FORM

SCOR Ireland dac (SI) is a designated activity company.

Registered office of SI and contact information

6th Floor

2 Grand Canal Square Dublin 2

Ireland

D02 A342

Tel: +353 1 764 4500

Fax: +353 1 764 4509

A.1.1.2 SUPERVISORY AUTHORITIES FOR SI AND SCOR GROUP

SI's regulator is the Central Bank of Ireland (CBI).

The Group's principal regulators in France are the financial markets authority (Autorité des Marchés Financiers (AMF)), and the French insurance supervisor (Autorité de Contrôle Prudentiel et de Résolution (ACPR)).

Under Solvency II, supervisors from all EU Member States in which SCOR's subsidiaries are established are involved in the Group's supervision through the College of Supervisors in which the ACPR and the Central Bank of Ireland (CBI) participate.

Central Bank of Ireland

A.1.1.3 STATUTORY AUDITORS

Statutory Auditors for SI are as follows:

Represented by Hubert Crehan

D01 F6F5 Ireland

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Solvency and Financial Condition Report for SI - YE2024

A.1.1.4 SIGNIFICANT SHAREHOLDERS

As at December 31, 2024, SGRI is the immediate parent company of SI with a 74% share. SGRI is a company incorporated in and domiciled in Ireland. SCOR Global Life Americas Holding, Inc. (SGLAH) holds a minority share of 26%. SGLAH is a company incorporated and domiciled in the US.

A.1.1.5 LEGAL AND ORGANIZATIONAL STRUCTURE OF THE GROUP

The Group parent company is SCOR SE, domiciled in France. SCOR SE, together with its consolidated subsidiaries, is listed on the Euronext Paris regulated market and on the SIX Swiss Exchange (formerly SWX Swiss Exchange) in Zurich. SCOR SE wholly owns its operating subsidiaries (excluding the shares held by directors), including SGRI, SI's parent company.

The main elements of the Group's business structure are presented in the chart below.2

SCOR SE (France)

1. SI is included as a subsidiary of L&H and P&C business units at December 31, 2024

The Group is organized around three business units offering a wide range of innovative reinsurance solutions: SCOR L&H (Life and Health), SCOR P&C (Property and Casualty) and SCOR Investments. The Group's organizational choices are guided by the principles of mobilization of skills and expertise, operating efficiency, structural simplicity, clear reporting lines and balance between teams from the Group's different entities.

SCOR P&C, the Group's Non-Life business unit, operates worldwide through the insurance and reinsurance subsidiaries and branches of SCOR SE in the EMEA region, the Americas and the Asia-Pacific region.

SCOR L&H, the Group's Life business unit, operates worldwide through the insurance and reinsurance subsidiaries and branches of SCOR SE in the EMEA region, in the Americas region and the Asia-Pacific region.

SCOR Investments, the Group's business unit in charge of investments of the Group is responsible for defining, implementing and controlling the asset allocation of the Group's legal entities investment portfolios on a centralized basis. It is organized around two areas: Group functions and SCOR Investment Partners SE, an AMF-approved portfolio management company, which directly manages the assets of many SCOR Group subsidiaries as well as investment vehicles on behalf of the Group and third-party clients. Please refer to Section C.3.2.1 - Overview of risk management of assets for further details.

The Group's subsidiaries, branches and representative offices are connected through a central network of applications and data exchange platforms (subject to applicable data privacy and protection regulations), which allow local access to centralized risk analysis, underwriting or pricing databases and also gives access to information on local market conditions, to be shared among the Group's subsidiaries, branches and offices. In addition, by regularly rotating personnel across the Group's various offices, SCOR encourages its underwriters, actuaries, modelers, claims management experts and risk controllers to share and exchange experience of its various geographic markets and business lines.

2 The full organizational chart is available on SCOR's website (www.scor.com)

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Solvency and Financial Condition Report for SI - YE2024

A.1.2 BUSINESS DESCRIPTION

NON-LIFE BUSINESS

The US portfolio is largely made of diversified lines within Casualty/Liability coverages and Natural and Man-made Catastrophe property lines of business. During 2024, SI ceased being on risk for the UK portfolio, following the Reinsurance to Close process. The UK portfolio was a well-diversified portfolio capturing multiple lines of business such as Property, Casualty and Other Specialty Risks.

Natural and Man-made Catastrophes

Natural Catastrophe insurance is coverage dedicated to low-probability, high-cost catastrophic events such as: Hurricanes and typhoons, Extratropical cyclones, Earthquakes and tsunamis, Floods, Thunderstorms including tornados, Hailstorms, Wildfires, as well as man-made risks such as terrorism etc. Catastrophe covers may not be limited to specific perils in the wording, however, generally, what is key to classify a loss as being covered is that the loss affects multiple insureds with amounts aggregating together defining the catastrophic event.

Property

Property lines cover damage to the physical assets of the insured, as well as to their business income. It provides financial compensation, renovations or replacements for the physical damage sustained, and financial compensation for the loss of income that a business may experience as a consequence of the physical damage, if its business activity has been interrupted. Perils insured are both natural and man-made, and include notably fire, floods, water damage, explosion and theft. The sum insured and the specific types of events covered depend on whether the coverage is property or property catastrophe.

Casualty or Liability

The Casualty or Liability lines of business provide coverage for a broad variety of underlying liability indemnity products, encompassing general liability and professional liability business. The underlying products, events or circumstances covered are driven by the underlying market the risks originate from. The description below captures largely all the possible events and circumstances, irrespective of the market.

General Liability is type of liability coverage to protect the insured from risks imposed by lawsuits and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy. General Liability is further classified into following subsegments:

• Commercial General Liability (CGL) - A standard insurance policy issued to business organisations to protect against liability claims for bodily injury (BI) and property damage (PD) arising out of premises and operations;
• Umbrella / Excess General Liability - Extra liability insurance coverage that responds with an insured's damages go beyond the limits of their primary CGL and/or Auto Liability insurance. This policy "sits on top" or in excess of the primary policies;
• Environmental Liability - Business insurance that responds when insureds incur damages from required environmental remediations caused from accidents and uncovered, and previously unknown, polluted land or facilities;
• Auto/Motor Liability - Personal and business insurance for cars, trucks, motorcycles, and other road vehicles. The policy responds when the insured driver or vehicle causes or is accused of physical damage or bodily injury resulting from any liability that arising from incidents in or around a vehicle;
• Commercial Automobile Liability - Business auto/motor liability insurance covering vehicles used primarily for commercial operations. This coverage tends to have higher policy limits;
• Personal Auto/Motor Liability - Auto/Motor liability insurance covers vehicles used in a non-business or personal capacity.

Professional Liability is a type of liability coverage designed to protect traditional professionals (e.g., accountants, attorneys) and quasi-professionals (e.g., real estate brokers, consultants) against liability incurred as a result of errors and omissions in performing their professional services.

• Directors and Officers Liability (D&O) - Liability insurance for a company's directors and officers, or to the organisation itself, as indemnification for losses or defence costs in the event an insured suffers such a loss as a result of a legal action brought for alleged wrongful acts in their capacity as directors and officers. Such coverage can extend to defence costs arising out of criminal and regulatory investigations/trials as well. Often civil and criminal actions are brought against directors/officers simultaneously;
• Transactional Liability- Two main products:
• • Representations & Warranties (R&W) - Private equity firms use R&W insurance to manage the risk inherent in mergers and acquisitions. It responds to damages caused by an acquired company breaching the representations and warranties in the applicable securities purchase agreement,

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