SCOR (SCR) Investor Day 2024 summary

Strategic Plan and Organizational Transformation

• Forward 2026 strategy targets 9% annual Economic Value growth and ROE above 12% for 2025-2026, leveraging a tier-one franchise, operational agility, and a diversified, sustainable business mix.

• Group transformation and simplification initiatives are delivering €150 million in savings by 2025, with additional €30 million in L&H, enabling reinvestment in growth and operational excellence.

• Management structures have been strengthened, reducing layers and aligning teams closer to clients for greater agility and efficiency.

• Sustainability and diversity are core, with environmental targets (tripling low-carbon energy insurance by 2030, 23% P&C carbon intensity reduction) and a goal of at least 30% women in senior positions by 2025.

• Governance enhancements and best-practice frameworks support execution, resilience, and value creation.

Life & Health (L&H) Business Strategy and Transformation

• L&H business mix is shifting from over 90% traditional protection in 2023 to higher-margin, capital-efficient Longevity and Financial Solutions, with centralized in-force management and enhanced analytics.

• New business profitability is targeted to improve by over 2 percentage points in IFRS ROE by 2026 versus 2023, with new business CSM and insurance service result set at ~€0.4 billion per year.

• CSM amortization rate revised down from 8% to 6.5% due to business mix and assumption updates, supporting progressive CSM growth.

• Cost efficiency initiatives are expected to deliver €30 million in additional savings by 2026, with L&H cash flow break-even delayed to 2026.

• Minimum margin thresholds set, with exits from low-margin and very long-term business, and centralized operations for efficiency.

Property & Casualty (P&C) Business Performance and Outlook

• P&C strategy focuses on portfolio diversification, growth in attractive lines (marine, engineering, international casualty), and prudent climate risk management.

• Achieved strong profitability with a combined ratio below 87%, significant buffer build-up (close to €300 million), and insurance revenue CAGR of 4%-6% through 2026.

• Alternative Solutions business is targeted to triple EGPI by 2026, with EGPI nearly doubling since 2023 and a slightly positive impact on the combined ratio.

• Market conditions remain favorable for 2025, supporting double-digit premium growth and continued focus on diversification and innovation.

• Expansion in Construction and Energy lines addresses global infrastructure and transition needs.