SCOR (SCR) Investor update summary

Renewal outcomes and portfolio development

• Achieved 4.7% EGPI growth in traditional reinsurance and 80.5% in Alternative Solutions at January 2026 renewals, contributing to a total EGPI growth of 14.8%.

• Net underwriting ratio improved by 2.0 percentage points, with a below 87% net combined ratio target for 2026.

• Selective growth focused on P&C lines and key clients, especially in APAC and North America, with Property Cat premiums up 12.5%.

• Specialty lines premium income was flat, with growth in some areas and reductions in others due to competition and margin protection.

• Approximately two-thirds of P&C reinsurance EGPI was renewed at 1.1.2026, representing about half of total P&C premiums.

Market environment and pricing trends

• Ample capacity and increased reinsurance demand led to competitive pricing, with a -1.9% overall gross price change and Cat XL rates declining by 12%.

• Non-proportional lines saw the largest price adjustments, while proportional placements varied by market and line.

• Retrocession market was highly competitive, enabling optimization of placements and higher ceding commissions, with structure broadly unchanged.

• Price adequacy remains high for Cat, especially in the US, while specialty lines like marine and engineering faced more pressure; cyber and aviation did not harden as expected.

• Market discipline maintained on structures and terms despite intensified competition.

Strategic focus and outlook

• Continued emphasis on selective growth, underwriting discipline, and active portfolio steering to maintain resilience and profitability.

• Alternative Solutions growth driven by client demand for customized, capital-efficient transactions, with positive but limited impact on the group combined ratio.

• No significant change in Nat Cat share expected for 2026; future strategy may be revisited in the next planning cycle.

• April, June, and July renewals expected to remain competitive, with less pronounced price adjustments than January.

• Positioning as a nimble, global reinsurer with broad client solutions and strong client relationships, benefiting from panel consolidation among cedants.