During its 2024 Investor Day in London, SCOR presents its new L&H strategy and updated Forward 2026 strategic plan which was approved by Group’s Board of Directors at a meeting held on 11 December 2024.

Thierry Léger, Chief Executive Officer of SCOR, comments: “We are committed to creating significant value over 2025-2026 and shaping the reinsurer of tomorrow. Our updated strategic plan, Forward 2026, reaffirms our ambition to enhance economic value through strategic initiatives in P&C and L&H, while maintaining sustainability at the core of our ‘raison d’être’. We are leveraging our Tier 1 franchise, refining our capital allocation, and adopting advanced data analytics to ensure a profitable and resilient future. Since the start of Forward 2026, SCOR has made significant progress in fulfilling its ambition: we have simplified the organization and fostered a new culture for faster decision-making processes; we have reserves at adequate levels, as confirmed by external reviews, with some buffers; and we have accelerated the L&H business transformation. With a clear roadmap and dedicated effort, we are on track to deliver significant value to our shareholders, clients, employees, and society as a whole.”

Significant value creation over 2025-2026

Today, SCOR confirms the two equally weighted targets of Forward 2026, for the remainder of the plan:

• Financial target: an Economic Value growth rate of 9% per annum, at constant economics¹.
• Solvency target: a solvency ratio in the optimal 185% to 220% range. The Group aims to maintain a AA level of security for its clients.

The Group also maintains an ROE assumption above 12% p.a. over 2025-2026.

SCOR’s ambition with Forward 2026 remains unchanged: to drive value creation for its shareholders, clients, employees, and society as a whole. The Group maintains a controlled risk appetite and disciplined underwriting as it captures business opportunities created by the supportive market conditions, fueling growth in its diversified L&H and P&C portfolios.

Forward 2026 combines the art and science of risk to protect societies, while firmly placing sustainability at the heart of the Group’s raison d’être. As a solutions provider, SCOR contributes to a more resilient society while enhancing its well-being and sustainable development.

Group reserve adequacy confirmed by external independent reviewers

SCOR has mandated two external reviewers to perform independent reviews on its L&H assumptions and P&C reserves, with both confirming SCOR’s reserves at best estimate:

• Willis Towers Watson’s (WTW) review covered 100% of SCOR Group’s global P&C claims reserves. WTW concluded that “The redundancy has increased from that in our prior review as at 30 September 2023.”³
• Following its 2024 L&H internal assumption review, SCOR has, for the first time, appointed Milliman to form an opinion of the gross of retrocession Present Value of Future Cash Flows (‘’PVFCF’’), Risk Adjustment (“RA”) and Contractual Service Margin (‘’CSM’’) for the Life and Health Business of SCOR as of 30th September 2024. Milliman concluded that “in aggregate at the Group level the valuation of the PVFCF, RA and CSM gross of retrocession is materially reliable and in a range of reasonableness.”⁴

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Footnotes

¹ Annual growth at constant economics (the starting point of each year being adjusted for the dividend for the preceding year).

² Assuming a 30% corporate income tax rate over 2025-2026

³ The review consists of an independent review for 77% of claims reserves and peer review for the rest. The claims reserves reviewed of c. EUR 20 billion are gross of retrocession and undiscounted on an earned basis. Further details of WTW’s review are set out in the appendices of the presentation of SCOR 2024 Investor Day (see page 61)

⁴ The details on the review by Milliman are included in the appendices of the SCOR 2024 Investor Day presentation (see page 62).