SCOR (SCR) Investor Day 2024 summary

Strategic plan, direction, and organizational transformation

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

• Organizational restructuring reduced management layers and headcount, improving agility, client proximity, and decision-making speed.

• Group transformation and simplification initiatives are delivering €150 million in savings nearly one year ahead of plan, with an additional €30 million in Life & Health, supporting profitability and reinvestment in growth.

• Capital allocation is now dynamically steered by business line, aiming for a balanced, lower capital intensity portfolio and optimizing returns.

• Governance and management structures have been strengthened to support execution and operational efficiency.

Life & Health (L&H) business strategy and financial outlook

• L&H business mix is shifting from over 90% traditional protection to higher-margin, capital-efficient Longevity and Financial Solutions, targeting improved ROE by 2-3% and new business profitability by 2026.

• Exited low-margin or high-volatility markets, centralized operations, and set minimum margin thresholds for new business.

• L&H new business CSM and insurance service result both targeted at ~€0.4 billion per annum for 2025-2026, with CSM growth of 1%-3% p.a. and amortization rate revised down to 6.5%.

• In-force management is centralized, with enhanced data analytics, KPIs, and leadership incentives to protect and deliver value.

• Life & Health cash flow break-even delayed to 2026, with cash flow generation a top priority for new leadership.

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.

• Exceeded Forward 2026 targets ahead of schedule, with significant growth in diversified and alternative solutions lines; EGPI for Alternative Solutions nearly doubled and is targeted to triple by 2026.

• Maintained strong underwriting discipline, with Cat portfolio managed within a 10% ratio and net combined ratio below 87%.

• Insurance revenue growth of 4-6% annually expected for 2024-2026, with double-digit EGPI growth in 2025.

• Market conditions remain favorable, supporting expansion in Construction and Energy lines to address global infrastructure and transition needs.