SCOR (SCR) Investor Update summary

Renewal outcomes and market environment

• Achieved 9.6% EGPI growth at January 2025 renewals, driven by Specialty lines and Alternative Solutions, with about two-thirds of the reinsurance portfolio and half of projected annual P&C EGPI for 2025 renewed.

• Alternative Solutions EGPI surged by 29.6%–30%, maintaining strong momentum after nearly doubling premiums in 2024.

• Growth focused on Engineering, Marine, and IDI, with Engineering, Marine, and IDI up 17.2% and overall specialty lines EGPI up 14.3%.

• Exposure to U.S. Casualty and climate-sensitive business was reduced, with US Casualty EGPI declining by 11.0%.

• Portfolio management and new business contributed to the overall premium increase, aligning with Forward 2026 strategic assumptions.

Underwriting discipline and profitability

• Underwriting discipline kept terms, conditions, and attachment points mostly stable, with strong technical profitability despite increased competition.

• Net technical margin and underwriting ratio remained stable, supported by dynamic retrocession buying and offsetting margin erosion.

• Non-proportional treaties saw slight price decreases, offset by increases in proportional business, which now represents 75% of the book.

• Dynamic retrocession management reduced overall retro cost for 2025, maintaining risk exposure within Forward 2026 limits and supporting a net combined ratio below 87%.

• Prudent approach maintained for climate-sensitive and US Casualty exposures, with risk exposure kept within appetite as defined in the Forward 2026 plan.

Market conditions and strategic outlook

• Pricing remains attractive despite a slight decline from the cycle peak, with market conditions becoming more competitive.

• Sustained demand for Alternative Solutions, with a strong client pipeline and growing capacity; on track to achieve 50% capacity growth target by 2026, with 17% growth YTD in 2025.

• Continued focus on Forward 2026 ambitions, leveraging franchise strength and client partnerships for future profitable growth.

• Ongoing development of risk partnerships with new and existing partners.

• Los Angeles wildfires are estimated to have a manageable impact, roughly in line with a quarterly cap budget, and may act as a floor for cat price decreases.