SCOR (SCR) investor relations material

Executive summary

• Net income for H1 2026 was EUR 409 million, with an annualized ROE of 19% and a solvency ratio of 220%, up 5 points from year-end 2025.

• All business segments contributed positively, with disciplined underwriting, strong investment income, and robust capital management.

• Adjusted net income for Q2 2026 was EUR 188 million, with an adjusted ROE of 18.0%.

• Economic value at end-June 2026 stood at EUR 9.0 billion, up 10.5% at constant economics.

• Solvency ratio stood at 220% at June 30, 2026, reflecting strong capital generation and deleveraging.

Financial highlights

• Q2 2026 insurance revenue was EUR 3.6 billion, down 5.1% year-over-year; H1 2026 revenue was EUR 7,439 million, down 5.6%.

• Return on invested assets was 3.7% in Q2 2026, with a regular income yield of 3.6% and reinvestment rate at 4.3%.

• Economic value per share rose to EUR 50.42, up 6.5% year-over-year; book value per share at EUR 24.65.

• Operating cash flow for H1 2026 was EUR 325 million, down from EUR 546 million in H1 2025.

• Basic EPS for H1 2026 was EUR 2.22 (vs. EUR 2.38 in H1 2025).

Outlook and guidance

• Confident in achieving targets for the final year of the Forward 2026 strategic plan, with capital generation guidance maintained at 3-5.

• Solvency ratio guidance remains in the optimal range of 185% to 220%.

• Life & Health expected to reconnect with growth after a U-shaped transition, with a strong pipeline in financial solutions and longevity.

• The group continues to emphasize balance sheet resilience and disciplined underwriting amid a competitive market.

• The company is prepared to redeploy capital or reduce capacity to meet profitability targets.