Press release
14 November 2024 - N° 17




Third quarter 2024 results

2024 L&H assumption review completed,
Group solvency ratio of 203%

 Good Group underlying performance in Q3 2024, driven by:
o Very strong performance of P&C, with a combined ratio of 88.3% in Q3 2024
and allowing for ongoing reserving discipline
o Positive underlying trend in L&H performance, with an insurance service result 1 of EUR
81 million in Q3 2024 adjusted for one-offs 2, or EUR -210 million on a reported basis
o Strong investments regular income yield of 3.5% in Q3 2024
 Estimated Group solvency ratio of 203% 3 as of 30 September 2024, comfortably within the
optimal range of 185%-220%, considering the full impact of the 2024 L&H assumption review as
well as the implementation of an efficient third-party capital solution this quarter
 Group net loss of EUR -117 million in Q3 2024 (EUR -117 million adjusted 4) impacted by the
2024 L&H assumption review. Adjusted for one-offs, the Group net income would stand at EUR
150 million
 Annualized Return on Equity of -10.2% (-10.3% adjusted4) in Q3 2024 implying an annualized
Return on Equity of -6.7% in 9M 2024 (-6.6% adjusted4); adjusted for one-offs2, the annualized
Return on Equity would stand at 14.0% for the first nine months of 2024
 Economic Value per share of EUR 47 (vs. EUR 51 as of 31 December 2023) and IFRS 17 Group
Economic Value 5 of EUR 8.4 billion as of 30 September 2024, down
-7.0% 6 at constant economics 7, compared with 31 December 2023



SCOR SE’s Board of Directors met on 13 November 2024, under the chair of Fabrice Brégier, to approve
the Group’s Q3 2024 financial statements.




1
Including revenues on financial contracts reported under IFRS 9.
2
Excluding the mark to market impact of the option on own shares, the impact of the 2024 L&H assumption review and the
impact of the Q3 true-up on identified arbitration positions.
3
Solvency ratio estimated after taking into account the dividend accrual for the first nine months based on the dividend paid for
the fiscal year 2023 (EUR1.80 per share).
4
Adjusted by excluding the mark to market impact of the option on own shares.5 Defined as the sum of the shareholders’ equity
and the Contractual Service Margin (CSM), net of tax. 25% notional tax rate applied on CSM.
5
Defined as the sum of the shareholders’ equity and the Contractual Service Margin (CSM), net of tax. 25% notional tax rate
applied on CSM.
6
Not annualized. The starting point is adjusted for the dividend of EUR 1.8 per share (EUR 324 million in total) for the fiscal year
2023, paid in 2024.
7
Growth at constant economic assumptions as of 31 December 2023, and excluding the mark to market impact of the option on
own shares.


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Thierry Léger, Chief Executive Officer of SCOR, comments: “We are pleased to announce today
the completion of the 2024 L&H assumptions review, with an outcome close to our best estimate view
of H1 2024. The very comprehensive review allows us to draw a line and move forward with confidence.
The underlying L&H performance shows a positive trend, and we have made significant progress in the
implementation of our 3-step L&H remedial strategy which will be presented in full at our Investor Day
on 12 December 2024, in London. P&C is doing very well, and we are taking strides towards our strategic
journey of diversified and profitable growth while continuing to build reserve buffers. We expect the P&C
reinsurance market conditions to remain attractive in 2025 and look ahead with confidence. Investments
continue to benefit from high reinvestment rates, with a higher regular income yield in line with our long-
term targets. Last but not least, the 203% Group solvency ratio at Q3 2024 demonstrates the resilience
of our balance sheet and the effectiveness of our management actions.”.

Group performance and context
Q3 2024 net income is EUR -117 million (EUR -117 million adjusted4), driven by a negative insurance
service result (ISR) in L&H reinsurance, partially offset by very strong P&C and Investments
performances:
- In P&C (re)insurance, the Q3 2024 combined ratio stands at 88.3% in Q3 2024 including a
natural catastrophe claims ratio of 13.2%, in an active period with several mid to large sized
events. Over the first nine months of 2024, the natural catastrophe ratio of 10.1% remains in
line with the budget. The attritional loss and commission ratio stands at 76.5% in Q3 2024,
reflecting a very satisfactory underlying performance allowing for continued reserving discipline.
- In L&H reinsurance, the insurance service result1 stands at EUR -210 million in Q3 2024, mainly
impacted by the completion of the L&H assumption review 8 (EUR -163 million), and by a one-
off negative true up adjustment on identified arbitration positions (EUR -128 million). Adjusted
for those one-offs, the Q3 2024 L&H insurance service result stands at EUR 81 million.
- In Investments, SCOR benefits from elevated reinvestment rates in Q3 2024 and records a
strong regular income yield of 3.5% (+0.1pt vs. Q3 2023).
The annualized Return on Equity stands at -10.2% (-10.3% adjusted4) in Q3 2024 and the Group
Economic Value over the first nine months of 2024 decreases by -7.0%6 at constant economics7,
impacted by the outcome of the 2024 L&H assumption review accounting for EUR -0.7 billion (pre-tax)
in insurance service result and EUR -0.8 billion (pre-tax) in contractual service margin (CSM). Over the
first nine months of 2024, SCOR reports a net loss of EUR -229 million (EUR -224 million adjusted4),
implying an annualized Return on Equity of -6.7% (-6.6% adjusted4).
Group solvency ratio is estimated at 203% at the end of Q3 2024, within the optimal range of 185%-
220%, compared to 209% at year-end 2023 and to 201% as of 30 June 2024. In line with its current
approach, SCOR continued to accrue a portion of the FY dividend during the quarter.
Group Economic Value5 under IFRS 17 stands at EUR 8.4 billion as of Q3 2024, down -7.0%6 at constant
economics7 compared with 31 December 2023, driven by the 2024 L&H assumption review with a EUR
-1.1 billion (post-tax) impact. As a result, the Group Economic Value growth target at 9% per annum at
constant economics is unlikely to be met in FY 2024.




8
There are a few non-material open items that can only be processed with our normal annual close.


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On-going very strong P&C underlying performance
In Q3 2024, P&C insurance revenue stands at EUR 1,842 million, down -2.5% at constant exchange
rates (down -2.9% at current exchange rates) compared to Q3 2023, driven by the effect of a large
multiyear contract not renewed this year and by a reduction in the SCOR Business Solutions (SBS)
insurance revenue as part of the implementation of dynamic cycle management measures.
New business CSM in Q3 2024 stands at EUR 175 million, benefiting from the July renewals growth,
partly offset by additional reinsurance retrocession incepted in Q3 2024.


P&C (re)insurance key figures:

In EUR million
(at current exchange Q3 2024 Q3 2023 Variation 9M 2024 9M 2023 Variation
rates)
P&C insurance revenue 1,842 1,897 -2.9% 5,710 5,557 +2.8%
P&C insurance service
159 152 +4.5% 542 544 -0.5%
result
Combined ratio 88.3% 90.2% -1.9pts 87.4% 88.0% -0.6pts

P&C new business CSM 175 169 +3.8% 1,067 875 +21.9%
(*) 9M 2023 new business CSM adjusted following the implementation of IFRS 17 stabilization measures in Q4 2023. See Q4
2023 results presentation page 53.


The P&C combined ratio stands at 88.3% in Q3 2024, compared to 90.2% in Q3 2023. It includes:
- A Nat Cat ratio of 13.2%, mainly impacted by the losses related to central European floodings
(4.0 pts), Hurricanes Helene (3.6 pts), Debby (3.4 pts) and Beryl (2.2 pts).
- An attritional loss and commission ratio of 76.5%, reflecting a very satisfactory underlying
performance and continued reserving discipline.
- A discount effect of -7.7% within the assumed range of -7.5% to -8.5% for FY 2024.
- An attributable expense ratio of 6.7% of net insurance revenue.
The P&C insurance service result of EUR 159 million is driven by a CSM amortization of
EUR 272 million, a risk adjustment release of EUR 49 million, a negative experience variance of
EUR -151 million and an impact of onerous contract of EUR -11 million. The negative experience
variance reflects the Nat Cat losses in Q3 2023 and continued prudence building.
The impact of Hurricane Milton, which made landfall on the west coast of the US state of Florida in early
October, is currently expected to be in the mid to high double-digit million euro range in Q4 2024, pre-
tax and net of retrocession.


Completion of the 2024 L&H assumption review in Q3 2024
At the start of this year, SCOR launched a comprehensive L&H assumption review with deep dives
covering the US, Canada, South Korea and Israel. Today, SCOR reports that the L&H assumption
review has been completed8.
The additional Q3 2024 impacts are EUR -0.2 billion in terms of ISR and EUR +0.2 billion of CSM, both
on a pre-tax basis.
The Q3 2024 Economic Value impact of EUR -0.1 billion is within the best estimate range of EUR +/-
0.5 billion pre-tax at 30 June yield curve, as previously indicated for H2 2024.
To ensure faster delivery and the completion of the L&H assumption review in Q3 2024, SCOR
contracted with three different actuarial firms to provide bandwidth, a benchmark of assumptions and
documentation support.


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For Q3 2024, SCOR’s completion of the L&H internal assumption review led to the following outcome:
- A negative impact of EUR -0.2 billion included in the L&H ISR driven by an increase in the loss
component on onerous contracts, mainly from Israel (EUR -0.1 billion) and the internal
reallocation of a provision (EUR -0.1 billion) with a neutral impact on the Group Economic Value.
- In addition, the pre-tax L&H contractual service margin (CSM) at locked-in rate is adjusted by
EUR +0.2 billion, mainly driven by a positive PVFCF adjustment in the US protection portfolio
for EUR +0.1 billion and by the internal reallocation of a provision for EUR +0.1 billion.
On a year-to-date basis, the SCOR 2024 L&H assumption review led to a cumulative impact of EUR
-0.7 billion in terms of ISR and EUR -0.8 billion on pre-tax CSM.
As a result, at Q2 SCOR announced an ambitious 3-step plan to restore the profitability of L&H. This
plan focuses on reserves, in-force management and new business.
The new L&H business strategy and the updated Forward 2026 targets and assumptions will be
presented on 12 December 2024.
In addition to the regular Actuarial Function Holder review, to demonstrate SCOR’s confidence in its
L&H reserves, an external peer review of the L&H reserves is currently being performed by Milliman,
with an opinion to be shared at the Investor Day in December.


L&H reinsurance key figures:

In EUR million
(at current exchange Q3 2024 Q3 2023 Variation 9M 2024 9M 2023 Variation
rates)
L&H insurance
2,102 2,338 -10.1% 6,432 6,534 -1.6%
revenue
L&H insurance
-210 113 n.a. -467 525 n.a.
service result1
L&H new business
116 89 +29.5% 373 376 -1.0%
CSM 9




In Q3 2024, L&H insurance revenue amounts to EUR 2,102 million, down -10.3% at constant exchange
rates (-10.1% at current exchange rates) compared to Q3 2023. SCOR continues to build its L&H CSM
through new business generation (EUR 116 million new business CSM9 in Q3 2024), notably from
Financial Solutions and from Protection.
As a consequence of the 2024 L&H assumption review, the L&H insurance service result1 amounts to
EUR -210 million in Q3 2024. It includes:

- A CSM amortization of EUR 77 million, which reflects the negative impact of the 2024 L&H
assumption review
- An experience variance of EUR -27 million, driven by underlying claims experience.
- The additional 2024 L&H assumption review impact for EUR -163 million driven by an increase
in the loss component on onerous contracts, mainly from Israel and following the internal
reallocation of a provision with a neutral impact on the Economic Value.
- The one-off true up adjustment on identified arbitration positions for EUR -128 million.




9
Includes the CSM on new treaties and change in CSM on existing treaties due to new business (i.e. new business on existing
contracts).


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Press release
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Investments delivering strong results with a regular income yield of 3.5% in Q3 2024
As of 30 September 2024, total invested assets amount to EUR 23.3 billion. SCOR’s asset mix is
optimized, with 79% of the portfolio invested in fixed income. SCOR has a high-quality fixed income
portfolio with an average rating of A+ and a duration of 3.5 years (3.0 at year-end 2023)

Investments key figures:

In EUR million
(at current exchange Q3 2024 Q3 2023 Variation 9M 2024 9M 2023 Variation
rates)
Total invested
23,319 22,005 +6.0% 23,319 22,005 +6.0%
assets
Regular income
3.5% 3.4% +0.2pts 3.5% 3.1% +0.4pts
yield*
Return on invested
4.0% 3.4% +0.6pts 3.5% 3.1% +0.4pts
assets*, **
(*) Annualized.
(**) Fair value through income on invested assets excludes EUR +1 million in Q3 2024 and EUR -6m in 9M 2024 related to the
pre-tax mark to market impact of the fair value of the option on own shares granted to SCOR.

Total investment income on invested assets stands at EUR 229 10 million in Q3 2024. The return on
invested assets stands at 4.0%10 (vs. 3.3% in Q2 2024) and the regular income yield at 3.5% (vs. 3.6%
in Q2 2024).
The reinvestment rate stands at 4.1% 11 as of 30 September 2024, compared to 4.8% as of 30 June
2024. The invested assets portfolio remains highly liquid and financial cash flows of EUR 9.6 billion are
expected over the next 24 months 12, enabling SCOR to benefit from elevated reinvestment rates.



*

* *




10
Excluding the mark to market impact of the option on own shares. Q3 2024 impact of EUR +1 million before tax.
11
Reinvestment rate is based on Q3 2024 asset allocation of yielding asset classes (i.e. fixed income, loans and real estate),
according to current reinvestment duration assumptions. Yield curves & spreads as of 30/09/2024.
12
As of 30 September 2024. Including current cash balances and future coupons and redemptions.


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Press release
14 November 2024 - N° 17




APPENDIX

1 – SCOR Group Q3 2024 key financial details

In EUR million
(at current exchange Q3 2024 Q3 2023 Variation 9M 2024 9M 2023 Variation
rates)
Insurance revenue 3,944 4,235 -6.9% 12,142 12,090 +0.4%
Gross written
4,985 4,870 +2.4% 15,015 14,444 +3.9%
premiums1
Insurance Service
-51 265 n.a. 75 1,069 -93.0%
Result2
Management
-291 -294 +0.9% -903 -835 -8.2%
expenses
Annualized ROE 3
-10.2% 13.7% n.a. -6.7% 20.2% n.a.
Annualized ROE
excluding the mark
to market impact of
-10.3% 12.5% n.a. -6.6% 18.8% n.a.
the option on own
shares from Q3
2024
Net income3,4 -117 147 n.a. -229 650 n.a.
Net income 4

excluding the mark
to market impact of
-117 135 n.a. -224 602 n.a.
the option on own
shares from Q3
2024
Economic value5,6 8,399 9,157 -8.3% 8,399 9,157 -8.3%

Shareholders’ equity 4,322 4,459 -3.1% 4,322 4,459 -3.1%
Contractual Service
4,076 4,699 -13.2% 4,076 4,699 -13.2%
Margin (CSM)6
1: GWP is not a metric defined under the IFRS 17 accounting framework (non-GAAP metric); 2: Including revenues on financial
contracts reported under IFRS 9; 3: Taking into account the mark to market impact of the option on own shares. Q3 2024 impact
of EUR+1 million before tax, 9M 2024 impact of EUR -6 million before tax. 4: Consolidated net income, Group share; 5. Defined
as the sum of the shareholder’s equity and the Contractual Service Margin (CSM); 6: Net of tax. A notional tax rate of 25% is
applied to the CSM.




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2 - P&L key figures Q3 2024

In EUR million
Q3 2024 Q3 2023 Variation 9M 2024 9M 2023 Variation
(at current exchange rates)
Insurance revenue 3,944 4,235 -6.9% 12,142 12,090 +0.4%
 P&C insurance revenue 1,842 1,897 -2.9% 5,710 5,557 +2.8%
 L&H insurance revenue 2,102 2,338 -10.1% 6,432 6,534 -1.6%
Gross written premiums1 4,985 4,870 +2.4% 15,015 14,444 +3.9%
 P&C gross written premiums 2,495 2,476 +0.8% 7,360 7,090 +3.8%
 L&H gross written premiums 2,490 2,394 +4.0% 7,654 7,355 +4.1%
Investment income on
229 185 +23.4% 605 505 +19.9%
invested assets
Operating results -53 257 n.a. 7 1,016 -99.3%
Net income2,3 -117 147 n.a. -229 650 n.a.
Net income2 excluding the
mark to market impact of the
-117 135 n.a. -224 602 n.a.
option on own shares from
Q3 2024
Earnings per share3 (EUR) -0.65 0.82 n.a. -1.28 3.63 n.a.
Earnings per share (EUR)
excluding the mark to
-0.65 0.75 n.a. -1.25 3.36 n.a.
market impact of the option
on own shares from Q3 2024
Operating cash flow 420 655 -35.8% 706 892 -20.8%
1: GWP is not a metric defined under the IFRS 17 accounting framework (non-GAAP metric); 2: Consolidated net income,
Group share; 3: Taking into account the mark to market impact of the option on own shares. Q3 2024 impact of EUR +1 million
before tax, 9M 2024 impact of EUR -6 million before tax.



3 - P&L key ratios Q3 2024


Q3 2024 Q3 2023 Variation 9M 2024 9M 2023 Variation

Return on invested
4.0% 3.4% +0.6pts 3.5% 3.1% +0.4pts
assets 1,2
P&C combined ratio
3 88.3% 90.2% -1.9pts 87.4% 88.0% -0.6pts

Annualized ROE4 -10.2% 13.7% n.a. -6.7% 20.2% n.a.
Annualized ROE
excluding the mark
to market impact of -10.3% 12.5% n.a. -6.6% 18.8% n.a.
the option on own
shares
Economic Value
n.a. n.a. n.a. -7.0% 7.1% n.a.
growth5
1: Annualized; 2: In Q3 2024 and 9M 2024, fair value through income on invested assets excludes respectively EUR +1 million
and EUR -6 million pre-tax mark to market impact of the fair value of the option on own shares granted to SCOR; 3: The combined
ratio is the sum of the total claims, the total variables commissions, and the P&C attributable management expenses, divided by
the net insurance revenue for P&C business; 4: Taking into account the mark to market impact of the option on own shares. Q3
2024 impact of EUR +1 million before tax, 9M 2024 impact of EUR -6 million before tax; 5: Not annualized. Growth at constant
economic assumptions and excluding the mark to market impact of the option on own shares. The starting point is adjusted for
the dividend of EUR 1.8 per share (EUR 324 million in total) for the fiscal year 2023, paid in 2024. Economic Value defined as the
sum of the shareholders’ equity and the Contractual Service Margin (CSM), net of tax. A notional tax rate of 25% is applied to the
CSM.




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Press release
14 November 2024 - N° 17




4 - Balance sheet key figures as of 30 September 2024

In EUR million As of As of
(at current exchange rates) Variation
30 September 2024 31 December 2023

Total invested assets 1 23,319 22,914 +1.8%

Shareholders’ equity 4,322 4,723 -8.5%

Book value per share (EUR) 24.04 26.16 -8.1%

Economic Value2 8,399 9,213 -8.8%

Economic Value per share (EUR)3 46.80 51.18 -8.6%

Financial leverage ratio4 22.7% 21.2% +1.5pts

Total liquidity5 1,947 2,234 -12.8%

1: Excluding third-party net insurance business investments; 2: The Economic Value (defined as the sum of the shareholders’
equity and the Contractual Service Margin (CSM), net of tax) includes minority interests; 3: The Economic Value per share
excludes minority interests; 4: The leverage ratio is calculated as the percentage of subordinated debt compared to the sum of
Economic Value and subordinated debt in IFRS 17; 5: Including cash and cash equivalents and short-term investments.




*

* *




SCOR, a leading global reinsurer
Media Relations
As a leading global reinsurer, SCOR offers its clients a diversified and Alexandre Garcia
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control and manage risk. Applying “The Art & Science of Risk”, SCOR uses
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General more generally, any figures presented in this press
release will necessarily be estimates based on
Numbers presented throughout this press release evolving analyses, and encompass a wide range of
may not add up precisely to the totals in the tables theoretical hypotheses, which are highly evolutive.
and text. Percentages and percent changes are
calculated on complete figures (including decimals); Information regarding risks and uncertainties that
therefore, this press release might contain immaterial may affect SCOR’s business is set forth in the 2023
differences in sums and percentages due to Universal Registration Document filed on 20 March
rounding. Unless otherwise specified, the sources for 2024, under number D.24-0142 with the French
the business ranking and market positions are Autorité des marchés financiers (AMF) posted on
internal. SCOR’s website www.scor.com.

Forward-looking statements In addition, such forward-looking statements,
assumptions and information are not “profit
This press release includes forward-looking forecasts” within the meaning of Article 1 of
statements, assumptions, and information about Commission Delegated Regulation (EU) 2019/980.
SCOR’s financial condition, results, business,
strategy, plans and objectives, including in relation to SCOR has no intention and does not undertake to
SCOR’s current or future projects. complete, update, revise or change these forward-
looking statements, assumptions and information,
These statements are sometimes identified by the whether as a result of new information, future events
use of the future tense or conditional mode, or terms or otherwise.
such as “estimate”, “believe”, “anticipate”, “expect”,
“have the objective”, “intend to”, “plan”, “result in”, Financial information
“should”, and other similar expressions. The Group’s financial information contained in this
It should be noted that the achievement of these press release is prepared on the basis of IFRS and
objectives, forward-looking statements, assumptions interpretations issued and approved by the European
and information is dependent on circumstances and Union.
facts that arise in the future. Unless otherwise specified, prior-year balance sheet,
No guarantee can be given regarding the income statement items and ratios have not been
achievement of these forward-looking statements, reclassified.
assumptions and information. These forward-looking The calculation of financial ratios (such as return on
statements, assumptions and information are not invested assets, regular income yield, return on
guarantees of future performance. Forward-looking equity and combined ratio) is detailed in the
statements, assumptions and information (including Appendices of the presentation related to the
on objectives) may be impacted by known or financial results of Q3 2024.The financial results for
unknown risks, identified or unidentified uncertainties the third quarter of 2024 included in this press release
and other factors that may significantly alter the have not been audited by SCOR’s statutory auditors.
future results, performance and accomplishments
planned or expected by SCOR. Unless otherwise specified, all figures are presented
in Euros.
In particular, it should be noted that the full impact of
the inflation and geopolitical risks on SCOR’s Any figures for a period subsequent to September
business and results cannot be accurately assessed. 30, 2024 should not be taken as a forecast of the
expected financials for these periods
Therefore, any assessments, any assumptions and,
.




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