Scor Se · EURONEXT:SCR
Scor — Scor Shs Prov Regpt — Q3 2025 Earnings Presentation
53 slides from Scor's earnings presentation, Oct 31, 2025
Slide 1: Q3 2025 results
Q3 2025 results 31 October 2025 EUR 217 million net income in Q3 2025 All content published by the SCOR group since January 1, 2024, is certified with Wiztrust. You can check the authenticity of this content at wiztrust.com.
Slide 2: Disclaimers
Disclaimers General Figures presented throughout this presentation may not add up precisely to the totals in the tables and text. Percentages and percent changes are calculated on complete figures (including decimals); therefore, this presentation might contain immaterial differences in sums and per
Slide 3: Agenda
2025 YTD Performance 3–6 Q3 2025 results 7–17 Appendix 18–53 Agenda 3
Slide 4: 9M 2025 results
9M 2025 results Insurance revenue Adjusted net income1 Adjusted return on equity1,2 Management expenses EUR 11.6 billion EUR 631 million 19.5% EUR 921 million P&C L&H Investments EUR 1,104 EUR 294 million million 3.5% New business CSM New business CSM3 Return on invested assets5 +4% vs 9M 2024 -21.1
Slide 5: Strong Group performance
Strong Group performance Solvency ratio Economic Value Annualized return on equity2 EUR bn 19.5% 210% 185% - 220% 9.4 8.6 8.5 >12% 9M 2025 Optimal range YE 2024 9M 2025 9M 2025 9M 2025 Annualized Forward 2026 at constant assumption economics1 5 1. Growth at constant economic assumptions (i.e. adjust
Slide 6: Delivering in all three business activities in 9M 2025
Delivering in all three business activities in 9M 2025 P&C L&H Investments Combined ratio Insurance service result1 Regular income yield (EUR m) < 87% ∼0.4bn p.a. 3.5% 3.3% - 3.7% 82.8% 334 9M 2025 Forward 2026 9M 2025 Forward 2026 9M 2025 2025 assumption assumption assumption 6 1. Includes revenues
Slide 7: Agenda
2025 YTD performance 3–6 Q3 2025 results 7–17 Appendix 18–53 Agenda 7
Slide 8: Key messages
Key messages Adjusted net income of EUR 211m1 and RoE of 21.5%1 for the third quarter of 2025 P&C: 80.9% COR with low Nat Cat ratio and continued buffer building strategy L&H: Insurance service result of EUR 98m in Q3, 9M experience variance in line with expectations Investments: Return on invested
Slide 9: Q3 2025 results
Q3 2025 results Insurance revenue Adjusted net income1 Adjusted return on equity1,2 Management expenses EUR 3.7 billion EUR 211 million 21.5% EUR 307 million P&C L&H Investments EUR 170 EUR 82 million million 3.3% New business CSM New business CSM3 Return on invested assets5 -3% vs Q3 2024 -29% vs Q
Slide 10: P&C: Strategic growth in preferred lines
P&C: Strategic growth in preferred lines P&C new business CSM P&C insurance revenue EUR m, net of retrocession EUR m, gross of retrocession +4% Insurance revenue growth +3.1% -1.6% 1,067 1,104 1,842 1,899 1,813 Reinsurance 1,336 +3% 1,377 1,317 175 170 SBS1 505 +3% 522 496 Q3 2024 Q3 2025 9M 2024 9M
Slide 11: P&C: Excellent COR driven by low Nat Cat losses
P&C: Excellent COR driven by low Nat Cat losses P&C combined ratio P&C insurance service result in % 88.3% EUR m 80.9% 6.7% 8.2% 13.2% 2.7% 32 267 9 255 -53 76.5% 79.2% -7.7% -0.4% -8.4% -0.9% Q3 2024 Q3 2025 CSM RA release Experience Impact of Q3 2025 amortization variance onerous Insurance Attribu
Slide 12: L&H: 9M new business CSM and ISR in line with expectations
L&H: 9M new business CSM and ISR in line with expectations IFRS 17 L&H new business CSM1 Q3 2025 L&H insurance service result2 EUR m, net of retrocession EUR m 30 294 -6 2 98 92 -20 116 82 CSM RA release Experience Impact of Revenues Insurance Q3 2024 Q3 2025 9M 2025 amortization variance onerous on
Slide 13: Investments: Regular income yield of 3.5%, reinvestment rate of 4.0%
Investments: Regular income yield of 3.5%, reinvestment rate of 4.0% Total invested assets as at 30 September 2025 in %, unrounded EUR 23.4 billion invested assets (EUR -0.8bn versus Q4 2024 driven by FX) as at 30 September 2025 Others 6% Liquidity 8% Real estate 3% Cash 7% EUR 190 million investmen
Slide 14: Liquidity of EUR 2.2 billion
Liquidity of EUR 2.2 billion EUR m Q3 2025 Q3 2024 9M 2025 9M 2024 Cash and cash equivalents 2,097 1,626 2,391 1,854 opening Net cash flows from operations: 459 420 1,005 706 Operating cash flows of EUR 1.0 bn in 9M P&C 466 416 938 806 2025, reflecting L&H -7 4 67 -100 • Positive P&C operating cash
Slide 15: Economic Value up 12.7% at constant economics in 9M 2025
Economic Value up 12.7% at constant economics in 9M 2025 9M 2025 Economic Value evolution EUR bn +12.7%1 0.4 1.1 9.3 8.6 -0.5 8.5 8.3 • Strong growth in EV1 mainly driven -0.3 -0.8 by P&C and Investment CSM performance 4.5 net of tax2 4.1 4.1 4.2 • Unfavorable market variances driven by FX IFRS 17 s
Slide 16: Economic Value per share at EUR 48 as at 30 September 2025
Economic Value per share at EUR 48 as at 30 September 2025 EUR bn Economic Value1 and debt (unless stated otherwise) YE 2024 Q3 2025 EUR bn Economic Value1 8.6 8.5 2.9 3.0 Subordinated debt 2.9 3.0 Financial leverage2 24.5% 25.7% 8.6 8.5 Economic Value per EUR 48 EUR 48 share YE 2024 Q3 2025 Subordi
Slide 17: Investor Relations contacts and upcoming events
Investor Relations contacts and upcoming events Upcoming SCOR Q4 2025 results Q1 2026 results events 4 March 2026 6 May 2026 SCOR attendance UBS J.P. Morgan European Citi European ODDO BHF Forum at investor European Conference Financials Conference Insurance Conference conferences 12 November 2025 2
Slide 18: Agenda
2025 YTD performance 3–6 Q3 2025 results 7–17 Appendix 18–54 Agenda 18
Slide 19: Appendix
Appendix A P&L B Balance sheet & cash flow C Calculation of EPS, book value per share and RoE D Expenses E P&C F Investments G Debt H Rating evolution I Listing information J Glossary 19
Slide 20: A: Financial details, Q3 2025
Appendix A: Financial details, Q3 2025 Variation Variation Q3 2025 Q3 2024 EUR m (rounded) at current FX at constant FX Gross written premiums 4,571 4,985 -8.3% -3.9% Insurance revenue 3,713 3,944 -5.8% -1.3% Net insurance revenue 2,913 2,884 1.0% Insurance service result 353 -51 n.a. Net income1 21
Slide 21: A: Financial details, 9M 2025
Appendix A: Financial details, 9M 2025 Variation Variation 9M 2025 9M 2024 EUR m (rounded) at current FX at constant FX Gross written premiums 14,140 15,015 -5.8% -3.9% Insurance revenue 11,596 12,142 -4.5% -2.7% Net insurance revenue 9,097 9,412 -3.3% Insurance service result 1,035 75 n.a. Net inco
Slide 22: A: Consolidated statement of income, Q3 2025
Appendix A: Consolidated statement of income, Q3 2025 EUR m (rounded) Q3 2025 Q3 2024 Insurance revenue 3,713 3,944 Insurance service expenses -3,139 -3,574 Gross insurance service result 574 370 Ceded insurance revenue -800 -1,060 Ceded insurance service expenses 576 636 Ceded insurance service res
Slide 23: A: Consolidated statement of income, 9M 2025
Appendix A: Consolidated statement of income, 9M 2025 EUR m (rounded) 9M 2025 9M 2024 Insurance revenue 11,596 12,142 Insurance service expenses -9,903 -11,403 Gross insurance service result 1,693 739 Ceded insurance revenue -2,498 -2,730 Ceded insurance service expenses 1,832 2,058 Ceded insurance
Slide 24: A: Consolidated operating results by segment, Q3 2025
Appendix A: Consolidated operating results by segment, Q3 2025 Q3 2025 Q3 2024 EUR m (rounded) L&H P&C Total L&H P&C Total Gross insurance revenue 1,900 1,813 3,713 2,102 1,842 3,944 Gross insurance service expense -1,814 -1,325 -3,139 -2,133 -1,441 -3,574 Gross insurance service result 86 488 574 -
Slide 25: A: Consolidated operating results by segment, 9M 2025
Appendix A: Consolidated operating results by segment, 9M 2025 9M 2025 9M 2024 EUR m (rounded) L&H P&C Total L&H P&C Total Gross insurance revenue 6,091 5,504 11,596 6,432 5,710 12,142 Gross insurance service expense -5,785 -4,118 -9,903 -6,836 -4,567 -11,403 Gross insurance service result 306 1,387
Slide 26: B: Consolidated balance sheet – Assets
Appendix B: Consolidated balance sheet – Assets EUR m (rounded) Q3 2025 YE 2024 Goodwill arising from insurance activities 802 802 Goodwill arising from non-insurance activities 82 82 Insurance business investments 23,961 24,283 Real estate investments 695 692 Investments at fair value through other
Slide 27: B: Consolidated balance sheet – Liabilities & shareholders’ equity
Appendix B: Consolidated balance sheet – Liabilities & shareholders’ equity EUR m (rounded) Q3 2025 YE 2024 Group shareholders’ equity 4,335 4,524 Non-controlling interest 0 0 Total shareholders’ equity 4,335 4,524 Financial debt 3,641 3,558 Subordinated debt 3,022 2,947 Real estate financing 457 46
Slide 28: B: Consolidated statements of cash flows, Q3 2025
Appendix B: Consolidated statements of cash flows, Q3 2025 EUR m (rounded) Q3 2025 Q3 2024 Cash and cash equivalents at the beginning of the period 2,097 1,626 Net cash flows in respect of operations 459 420 Cash flow in respect of changes in scope of consolidation 0 -38 Cash flow in respect of acqu
Slide 29: B: Consolidated statements of cash flows, 9M 2025
Appendix B: Consolidated statements of cash flows, 9M 2025 EUR m (rounded) 9M 2025 9M 2024 Cash and cash equivalents at the beginning of the period 2,391 1,854 Net cash flows in respect of operations 1,005 706 Cash flow in respect of changes in scope of consolidation 0 -38 Cash flow in respect of ac
Slide 30: B: CSM and shareholders’ equity evolutions
Appendix B: CSM and shareholders’ equity evolutions CSM roll-forward 9M 2025 EUR m, net of retrocession (rounded) L&H P&C Total Net opening CSM 5,011 444 5,454 New business CSM1 294 1,104 1,398 CSM amortization -282 -807 -1,089 Interest accretion 91 47 138 Change in operating assumptions 49 48 97 Ch
Slide 31: B: Split of net contract liabilities by segment
Appendix B: Split of net contract liabilities by segment P&C L&H EUR bn EUR bn CSM RA PVFCF Accounts payable / receivable 14.5 14.1 0.4 0.8 0.7 1.0 4.2 3.6 14.2 5.0 4.8 12.9 2.8 2.7 -0.7 -0.6 -3.5 -3.4 YE 2024 Q3 2025 -0.1 -0.5 YE 2024 Q3 2025 31
Slide 32: C: Calculation of EPS, book value per share and RoE, Q3 25
Appendix C: Calculation of EPS, book value per share and RoE, Q3 2025 Earnings per share calculation Q3 2025 Q3 2024 Post-tax return on equity (RoE2) Q3 2025 Q3 2024 EUR m Group net income1,2 (A) in EUR m 217 -117 Average number of opening shares (1) 179,389,135 179,572,195 Group net income1,2 217 -
Slide 33: C: Calculation of EPS, book value per share and RoE, 9M 25
Appendix C: Calculation of EPS, book value per share and RoE, 9M 2025 Earnings per share calculation 9M 2025 9M 2024 Post-tax return on equity (RoE2) 9M 2025 9M 2024 EUR m Group net income1,2 (A) in EUR m 642 - 229 Average number of opening shares (1) 179,577,400 179,802,620 Group net income1,2 642
Slide 34: D: Total management expenses
Appendix D: Total management expenses EUR m (rounded) 1 Q3 2025 Q3 2024 Attributable management expenses -168 -168 Investment management expenses (non-attributable) -17 -17 Other non-attributable management expenses -122 -106 Total management expenses -307 -291 EUR m (rounded) 1 9M 2025 9M 2024 Attr
Slide 35: E: Calculation of P&C combined ratio, Q3 2025
Appendix E: Calculation of P&C combined ratio, Q3 2025 Combined ratio calculation EUR m (rounded) Q3 2025 Q3 2024 Insurance revenue 1,813 1,842 Ceded insurance revenue -482 -484 Net insurance revenue (A) 1,331 1,358 Insurance service expense -1,325 -1,441 Ceded insurance service expense 249 242 Net
Slide 36: E: Calculation of P&C combined ratio, 9M 2025
Appendix E: Calculation of P&C combined ratio, 9M 2025 Combined ratio calculation EUR m (rounded) 9M 2025 9M 2024 Insurance revenue 5,504 5,710 Ceded insurance revenue -1,428 -1,414 Net insurance revenue (A) 4,076 4,296 Insurance service expense -4,118 -4,567 Ceded insurance service expense 743 812
Slide 37: F: Investment portfolio asset allocation as at 30/09/2025
Appendix F: Investment portfolio asset allocation as at 30/09/2025 “Forward 2026” Strategic Asset Allocation Tactical Asset Allocation 2023 2024 2025 in % of invested assets in % (unrounded) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Min Max Cash 7% 7% 8% 7% 8% 6% 7% 9% 7% 8% 7% 5%1 - Fixed income 80% 79% 78%
Slide 38: F: Details of investment returns
Appendix F: Details of investment returns Annualized returns 2024 Annualized returns 2025 in % Q1 Q2 Q3 9M Q4 FY in % Q1 Q2 Q3 9M Return on invested assets1 3.4% 3.3% 4.0% 3.5% 3.3% 3.5% Return on invested assets1,2 3.8% 3.6% 3.3% 3.5% Regular income 3.5% 3.6% 3.5% 3.5% 3.6% 3.5% Regular income 3.5%
Slide 39: F: Investment income development
Appendix F: Investment income development 2024 2025 EUR m (unrounded) Q1 Q2 Q3 9M Q4 FY Q1 Q2 Q3 9M Interest revenue on debt instruments not measured at FVTPL 171 174 177 523 180 703 182 175 172 530 Other regular income (dividends and interest) 21 27 20 69 25 94 22 20 21 63 Net real estate rental in
Slide 40: F: Government bond portfolio as at 30/09/2025
Appendix F: Government bond portfolio as at 30/09/2025 By region Top exposures in %. Total EUR 5.9bn in %. Total EUR 5.9bn EU (excl UK) North America China 30 September 2025 UK Korea Other Supranational1 21% China 16% 9% USA 11% 3% Canada 10% Republic of Korea 7% Australia 6% 44% 20% Germany 4% Indi
Slide 41: F: Corporate bond portfolio as at 30/09/2025
Appendix F: Corporate bond portfolio as at 30/09/2025 By rating By seniority in %. Total EUR 10.4bn in %. Total EUR 10.4bn 7% 2% 2% 1% 13% AAA 2% 1% Senior AA 23% A Subordinated 1 BBB Hybrid <BBB Other 54% NR 96% By region By sector/type in %. Total EUR 10.4bn in %. Total EUR 10.4bn 30 September 202
Slide 42: F: “Banks” corporate bond portfolio as at 30/09/2025
Appendix F: ‘‘Banks’’ corporate bond portfolio as at 30/09/2025 By rating By seniority in %. Total EUR 1.9bn in %. Total EUR 1.9bn 0% 5% 7% AAA <1% 0% 30% AA 3% Senior 1% A Subordinated BBB Hybrid 1 <BBB Other 64% NR 90% By region Top exposures in %. Total EUR 1.9bn in %. Total EUR 1.9bn 30 Septembe
Slide 43: F: Structured & securitized product portfolio as at 30/09/2025
Appendix F: Structured & securitized product portfolio as at 30/09/2025 By rating By portfolio in %. Total EUR 0.4bn in %. Total EUR 0.4bn AAA AA <BBB NR CLO CDO MBS Other 12% 3% <1% 3% 3% <1% 85% 94% 43
Slide 44: F: Loans, equity, real estate and other investment portfolios
Appendix F: Loans, equity, real estate and other investment portfolios as at 30/09/2025 Loans portfolio by underlying assets Equity portfolio by underlying assets in %. Total EUR 1.1bn in %. Total EUR <0.1bn 7% <1% 33% Infrastructure loans Common shares 46% Real estate loans Convertible bonds Corpor
Slide 45: F: Reconciliation of IFRS asset classification to SCOR investments
Appendix F: Reconciliation of IFRS asset classification to SCOR investments quarterly results presentation as at 30/09/2025 Total Other Total Fixed Real Other Accrued Technical Cash Loans Equities invested deposits IFRS income estate investments interest items2 EUR m (unrounded) assets and other1 cl
Slide 46: F: Reconciliation of revaluation reserve
Appendix F: Reconciliation of revaluation reserve EUR m (unrounded) 31/12/2024 30/09/2025 Variance YTD Fixed income URGL -722 -293 429 1 Government bonds & assimilated -27 30 57 Covered & agency MBS -108 -59 49 Corporate bonds -587 -264 323 Structured products 0 0 0 Loans URGL 1 -2 -4 Equities URGL
Slide 47: G: Debt structure as at 30/09/2025
Appendix G: Debt structure as at 30/09/2025 Original amount 2 ISIN / Tranche Type Issue date Next call date Maturity Initial Coupon Rate p.a. issued (million) Fixed to Reset Rate Undated Tier 1 FR0012199123 EUR 2501 01/10/2014 01/10/2025 Perpetual 3.875% until October 2025 Subordinated Notes Fixed t
Slide 48: H: SCOR’s Financial Strength Rating since 2003
Appendix H: SCOR’s Financial Strength Rating since 2003 S&P rating Moody’s rating AA+ Aa1 strong strong Very Very AA+ Aa2 AA- - Aa3 - - A+ + A1 + Strong Strong + Secure + Secure A+ A2 A- + A3 + BBB + + A+ Baa 1 + + A1 Stable Outlook Stable Outlook Good Baa Good BBB + 2 BBB Baa - 3 2003 2005 2007 200
Slide 49: H: SCOR's sustainability performance recognized by the main ESG rating agencies
Appendix H: SCOR's sustainability performance recognized by the main ESG rating agencies Q2 2022 Last Update: Last Update: Last Update: February 2025 October 2025 August 2024 B AA C C 63 60 56 BBB 39 BB F 2016 2017 2018 2019 2020 2021 2022 2023 2024 2017 2018 2019 2020 2021 2022 2023 2024 2025 2015
Slide 50: I: SCOR’s listing information
Appendix I: SCOR’s listing information Euronext Paris listing SIX Swiss Exchange listing ADR program SCOR’s shares are traded on the SCOR’s shares are traded on the SIX SCOR’s ADR are traded on the OTC Euronext Paris regulated market Swiss Exchange market Main information Main information Main infor
Slide 51: J: Glossary – A to I
Appendix J: Glossary – A to I Attritional loss and P&C claims (excluding claims arising from natural catastrophes) and brokerage fees divided by the P&C net insurance revenue. This ratio is net of commission ratio retrocession. Customized, non-traditional, and new products/solutions provided when co
Slide 52: J: Glossary – L to R
Appendix J: Glossary – L to R The leverage ratio is calculated by dividing subordinated debt by the sum of economic value and subordinated debt. The calculation excludes accrued interest Leverage ratio and includes the impact of swaps related to subordinated debt issuances. This ratio is used to det
Slide 53: J: Glossary – R to U
Appendix J: Glossary – R to U Return on equity is based on the Group’s share of net income divided by average shareholders’ equity (calculated as shareholders’ equity at the beginning of Return on Equity (ROE) the period adjusted for the effect of all movements during the period using a prorata temp