Sustainability Policy

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1. Sustainability: overarching principles

1. 05 - 1.1. SCOR's Raison d'être: Combining the Art & Science of Risk to protect societies

P. 05 - 1.2. The double materiality principle

P. 05 - 1.3. SCOR's Theory of Change

P. 06 - 1.4. Transparency

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2. SCOR's Approach

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3. Selecting priorities and

setting the ambition

P. 12 - 3.1. Unleashing the potential of our people

P. 12 - 3.2. Climate change

P. 14 - 3.3. Nature

P. 14 - 3.4. Protecting People's life and promoting preventive behaviors

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4. Governance

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5. Guidelines

The Group's sustainability approach is guided by its Raison d'Être and its Theory of Change. Its involvement in United Nations convened initiatives and the Sustainable Development Goals provides global frameworks to develop an ambitious

sustainability strategy.

1.1. SCOR'S RAISON D'ÊTRE: COMBINING THE ART & SCIENCE OF RISK TO PROTECT SOCIETIES

As a global reinsurance 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 knowhow 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 reinsurance 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, protecting insureds against the risks they face, pushing back the frontiers of insurability and acting as a responsible investor. Closing the protection gap is both an imperative, and a source of opportunities in its business which consists in two main goals:

• protecting society from extreme events, accompanying economic agents in mitigating the effects of climate change and enabling a smooth energy transition
• accompanying people's health and well-being, inclu- ding 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.

1.2. THE DOUBLE MATERIALITY PRINCIPLE

Protecting the business from downside effects linked to non-financial risks is at the heart of SCOR's risk management. 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:

• a financial perspective (or outside-in approach), which is related to the financial risks and opportunities that sustainability matters can have on the organization, or
• an impact perspective (or inside-out approach), which is related to the significant impacts that the SCOR can have on people or the environment.

1.3. 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 ownTheory of Change, striving to optimize its impact on 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:

• SCOR strives to reduce negative impact of all its ac- tivities
• as SCOR operates alongside the real economy, the Group needs to engage with its partners, clients, and investees to support their own journey toward more resilience
• SCOR wants to support the transition to a better to- morrow and benefit from opportunities stemming from this transition