Scor : Q1 2026 Results - Presentation

Q1 2026 results

6 May 2026

EUR 225 million net income in Q1 2026

Agenda

Introduction	4–7
Q1 2026 results	9–16
April 2026 renewals	18–20
Appendix	24–51

Key messages

Adjusted net income of EUR 220m1 and adjusted RoE of 21.1%1 for the first quarter of 2026

P&C: 80.2% COR with low Nat Cat and attritional loss ratios enabling opportunistic buffer build

L&H: EUR 107m Insurance service result, with experience variance within the expected range

Investments: 3.8% return on invested assets and continued attractive reinvestment rate

Economic Value: EUR 9.0bn, +7.4%2 vs FY2025, driven by P&C economic performance

Solvency ratio: 220%, up 5% pts from FY2025, driven by net capital generation

Traditional reinsurance EGPI renewals up 2.4%3 YTD, with net underwriting ratio up by 2% pts3

4 1. Excluding the mark to market impact of the option on own shares. Net income of EUR 225m and RoE of 21.7% taking into account the mark to market impact of the fair value of the option on own shares.

2. At constant economic assumptions as at 31 December 2025. 3. With 2025 premiums adjusted for premium revisions, FX and late renewals. Growth excluding Agriculture and Alternative Solutions.

Delivering in all three business activities in Q1 2026

P&C L&H Investments

Combined ratio

Insurance service result1

(EUR bn)

Regular income yield

80.2%

< 87%

∼0.4 p.a.

3.6% 3.4% to 3.8%

0.11

Q1 2026 Forward 2026

assumption

Q1 2026 Forward 2026

assumption

Q1 2026 2026

assumption

5 1. Includes revenues on financial contracts reported under IFRS 9.

Strong Group performance

Solvency ratio

Economic Value

EUR bn

Annualized return on equity2

220% 185% to 220%

21.1%

8.5

9.0

+6.1%

>12%

Q1 2026 Optimal range

Q4 2025 Q1 2026

Q1 2026 Annualized Forward 2026

assumption

+7.4%

EV growth at constant economics1

6 1. Growth at constant economic assumptions as at 31 December 2025, excluding the mark to market impact of the option on own shares. The starting point is adjusted for the payment of dividend of EUR 1.90 per share (EUR 339 million in total) for the fiscal year 2025, paid on 6 May 2026. 2. Excluding the mark to market impact of the option on own shares.

220% solvency ratio driven by net capital generation

220%

215%

220%

185%

• Capital generation on track with the FY 2026 guidance, underpinned by disciplined January P&C Treaty renewals and a benign Q1 Nat Cat experience

• Balance sheet resilience prioritized. EUR 300 million of buffers added to P&C Best Estimates Liabilities, following an internal capital optimization

FY 2025 Q1 2026

7 Note: SCOR to redeem all outstanding EUR 600 million fixed-to-reset rate subordinated notes (EUR 283 million outstanding) on 8 June 2026.

Agenda

Introduction	4–7
Q1 2026 results	9–16
April 2026 renewals	18–20
Appendix	24–51

Q1 2026 results

Insurance revenue

EUR 3.8 billion

Adjusted net income1

EUR 220 million

Adjusted return on equity1,2

21.1%

Management expenses

EUR 299 million

P&C

EUR 722

million

New business CSM

80.2%

Combined ratio

85.0% in Q1 2025

EUR 255

million

ISR5

EUR 205 million in Q1 2025

L&H

EUR 115

million

New business CSM3

EUR 107

million

ISR4

EUR 118 million in Q1 2025

Investments

3.8%

Return on invested assets5

3.6%

Regular income yield

9 1. Excluding the mark to market impact of the option on own shares. Net income of EUR 225m and RoE of 21.7% taking into account the mark to market impact of the fair value of the option on own shares. 2. Annualized.

3. Includes the CSM on new treaties and change in CSM on existing treaties due to new business (i.e. new business on existing contracts). 4. Insurance Service Result includes revenues on financial contracts reported 9

under IFRS 9. 5. In Q1 2026, fair value through income on invested assets excludes EUR 7m pre-tax related to the option on own shares granted to SCOR.

P&C: Revenue growth impacted by FX effects

P&C new business CSM

EUR m, net of retrocession

P&C insurance revenue

EUR m, gross of retrocession

+2%

710 722

Insurance revenue growth

+5.4%

-2.5%

481

1,331

523

+1.7%

514

1,344

1,434

1,858 1,957 1,812

Reinsurance

+6.7%

Q1 2025 Q1 2026

SBS1

Q1 2025

Q1 2026

constant FX

Q1 2026

current FX

• Q1 new business CSM stable, supported by reinsurance volume growth and positive retrocession impacts

  Insurance revenue in Q1 2026 mainly reflects:

• Reinsurance revenue growth driven by strong renewals

• FX impact mainly driven by the weakening of the USD over the past year

  10 1. SCOR Business Solutions.

  P&C: Excellent underlying performance

  P&C combined ratio

  74.7%

7.8%

12.5%

7.8%

4.2%

0.6%

-0.7%

-10.0%

-9.3%

77.7%

85.0% 80.2%

P&C insurance service result

EUR m

30

-2

-16

243

255

Attributable expense

Q1 2025

Effect of onerous contracts

Q1 2026

Discount effect

CSM

amortization

RA release Experience

variance

and others

Impact of onerous contracts

Q1 2026

Insurance

service result

Nat Cat ratio

Attritional loss and commission ratio1

• Nat Cat ratio of 4.2% reflecting a benign quarter mainly impacted by storm Kristin (Portugal)

• Attritional loss and commission ratio of 77.7%, reflecting favorable underlying performance allowing for additional opportunistic buffer building and precautionary mid-double-digit reserve (all IBNR) on Middle East conflict

• Discount effect of -10%, reflecting benign Nat Cat activity, higher locked-in interest rates and effect of additional prudence in best estimate liabilities

• Experience variance and others mainly reflecting lower-than-expected Nat Cat experience and opportunistic buffer building

11 1. Excluding the discounting effect on claims.

L&H: Q1 ISR in line with expectations

IFRS 17 L&H new business CSM1

EUR m, net of retrocession

Q1 2026 L&H insurance service result2

EUR m

5

1

107

87

-16

115 30

76

Q1 2025 Q1 2026

CSM

amortization

RA release Experience

variance and others

Impact of onerous contracts

Revenues on financial contracts

Insurance service result

• Protection and Longevity drive the new business CSM in

  Q1 2026

• CSM amortization and RA release as expected

• Experience variance and onerous contracts within expected range

12 1. Includes the CSM on new treaties and change in CSM on existing treaties due to new business (i.e. new business on existing contracts). 2. Includes revenues on financial contracts reported under IFRS 9.

Investments: Regular income yield at 3.6%

Total invested assets as at 31 March 2026

Others 6%

Real estate 3%

Equity 0%1

Loans 4% Structured &

Liquidity 9%

Cash 8%

Short-term investments 1%

EUR 23.5 billion invested assets (stable versus Q4 2025)

EUR 219 million investment income2 on invested assets in Q1 2026

Regular income yield at 3.6% in Q1 2026, c.+10 bps versus Q1 2025

Return on invested assets at 3.8%2 in Q1 2026, stable versus Q1 2025

securitized

products 2%

Corporate bonds 42%

EUR 23.5bn

o/w

Fixed income

79%

Government bonds & assimilated 27%

Covered bonds & agency MBS 8%

Reinvestment rate3 at 4.3% as at 31 March 2026

Very high-quality fixed income portfolio (A+ average rating) with a

duration of 4.1 years (vs 3.9 years at Q1 2025)

Highly liquid invested assets portfolio, with financial cash flows4 of

EUR 8.2 billion expected over the next 24 months

13 1. Equity close to 0%; private equity included in Others. 2. In Q1 2026, fair value through income on invested assets excludes EUR 7m pre-tax related to the option on own shares granted to SCOR. 3. Reinvestment rate is based on Q1 2026 asset allocation of yielding asset classes (fixed income, loans and real estate), according to current reinvestment duration assumptions. Yield curves & Spreads as at 31/03/2026. 4. As at 31 March

2026, include current cash balances and future coupons and redemptions.

Liquidity: EUR 2.4 billion

EUR m	Q1 2026	Q1 2025
Cash and cash equivalents opening	2,083	2,392
Net cash flows from operations:	149	150
P&C	223	95
L&H	-27	55
FX and hedging	-48	-1
Net cash flows used in investment activities1	76	-434
Net cash flows used in financing activities2	-98	-79
Effect of changes in foreign exchange rates	9	-2

Operating cash flows of EUR 149 million in Q1 2026, reflecting:

• Positive P&C operating cash flows, with strong inflows of premium and lower large claims payments

  Total cash flow	135	-364
  Cash and cash equivalents at 31 March	2,219	2,027

• Broadly neutral L&H operating cash flows, in line with break-even target for 2026

Strong Group liquidity of EUR 2.4 billion at end of March 2026

Short-term investments	196	183
Total liquidity3	2,416	2,210

14 1. Investment activities are the acquisition and disposal of assets and other investments not included in cash equivalents. They predominantly include net purchases / disposals of investments; see page 29 for details. 2.

Financing activities are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity. They predominantly include increases in capital, dividends paid by SCOR SE and

cash generated by the issuance or reimbursement of financial debt. 3. Of which cash and cash equivalents from third parties of EUR 207m. Please refer to page 43 for additional details on 3rd party gross invested Assets as at 31 March 2026.

Economic Value: +7.4%1 in Q1 2026

Q1 2026 Economic Value evolution

EUR bn

CSM

net of tax2

IFRS 17

shareholders’

equity

• Growth in CSM driven by strong P&C new business CSM mainly from 1.1.2026 renewals

• Increase in shareholders’ equity supported by all business activities

+7.4%

0.7

0.2

8.8

0.3

9.0

8.2

8.7

-0.3

-0.1

2025

dividend paid in May 2026

4.1

4.1

4.2

4.3

4.5

4.5

4.5

4.5

YE 2025

EV

adj. for dividend

Business

impact

Investment

performance3

Taxes

and other

Q1 2026

EV at constant economics

Market

variances

Q1 2026

EV

Q1 2026

reported EV

15 1. Growth at constant economic assumptions as at 31 March 2026 and excluding the mark to market impact of the option on own shares. The starting point is adjusted for the dividend of EUR 1.90 per share (EUR 339 million in total) for the fiscal year 2025, paid on 6 May 2026. 2. 25% notional tax rate applied on CSM. 3. Includes IFIE.

Economic Value per share: EUR 51 as at 31 March 2026

Economic Value and debt

1 EUR bn

EUR bn

Economic Value1

8.5

9.0

3.0

3.0

8.5

9.0

Economic Value per

share

EUR 48

EUR 51

(unless stated otherwise)

YE 2025 Q1 2026

Subordinated debt	3.0		3.0
Financial leverage2	25.3%		24.1%

YE 2025 Q1 2026

Subordinated debt Economic Value

16 1. 25% notional tax rate applied on CSM. 2. The leverage ratio is calculated as the percentage of subordinated debt compared the sum of Economic Value and subordinated debt in IFRS 17. The calculation excludes accrued interest and includes the effects of swaps related to some subordinated debt issuances.

Agenda

Introduction	4–7
Q1 2026 results	9–16
April 2026 renewals	18–20
Appendix	24–51

Margin protection at 1.4 renewals – continued underwriting discipline

EGPI change at 1.4 renewals1 (in EUR m)

Scope of April renewals accounts for 12% of P&C reinsurance premiums; <10% of total P&C premiums

Specialty

Lines

696

Gross price change of -3.5% overall

-7.8% on non-proportional business, driven by Property CAT

-1.4% on proportional business, driven by Marine and Property

P&C Lines

-5.5%

150 141

Alternative Solutions

Terms & Conditions broadly held, including attachment points

YTD net underwriting ratio increases by 2% pts3

Discipline and retrocession buying partially offset inward

467

419

277

295

-8.7%

762

Up for renewal

2026

premium

Up for 2026 renewal premium

business margin erosion

20252

renewed

20252

renewed

18 Note: FX rates at 31/12/2025; EGPI variation compared to 1.4.2025. Excluding Agriculture for which renewals are delayed due to market specificities, and which represent EUR 50 million of premiums up for renewal.

1. Adding Alternative Solutions growth brings total EGPI change to -8.2% excl. Agriculture 2. 2025 premiums adjusted for premium revisions, FX and late renewals; 3. Excluding Alternative Solutions and Agriculture.

Traditional reinsurance EGPI: +2.4%1 YTD

YTD 2026

1.4.2026

P&C Lines

+4.5% EGPI

-10.4% EGPI

Driven by US Casualty Property Cat up +4.6%

Specialty Lines

-1.3% EGPI

-6.0% EGPI

Driven by IDI, Marine, Cyber Strong growth in Credit & Surety

Alternative Solutions

+57.9% EGPI

-5.5% EGPI

Immaterial reduction, on track to achieve significant growth on a yearly basis

19 1. Growth excluding Agriculture and Alternative Solutions.

EGPI: -8.2% at 1.4 driven by portfolio pruning

Property CAT up, Casualty down EGPI roll-forward 1.4.2025 to 1.4.2026

EGPI, in EURm

913

-8.2%

912

-1

79

837

-82

-72

EGPI1

16%

32%

14%

37%

33%

17%

9%

41%

Alternative Solutions Casualty & Motor

Property & Property CAT Specialty Lines

2025 premiums up for renewal at 1.4

2026 premiums

renewed at 1.4

2025	Premium	2025	Portfolio	Volume	New Business	2026
premiums	revision, Fx	premiums up	management	& Rates		premiums
renewed	rates and	for renewal				renewed
	Late renewals

Cautious renewal of US Casualty book leading to decreasing relative size in the renewed portfolio up to 1.4

20 FX rates at 31/12/2025; EGPI variation compared to 1.4.2025; Including Alternative Solutions and excluding Agriculture.

Investor Relations contacts and upcoming events

Q3 2026 results

30 October 2026

Q2 2026 results

30 July 2026

Upcoming SCOR events

SCOR attendance at investor conferences

CACIB Banks &

Insurance

21 May 2026

Goldman Sachs

European Financials

2 June 2026

Bank of America Financials

CEO Conference

23 September 2026

Investor relations

contacts

Thomas Fossard

Head of Investor Relations [e-mail]

[phone]

Cyril Durand

Investor Relations Manager [e-mail]

+ 33 6 87 86 75 50

Narisa Cheyklin

Investor Relations Manager [e-mail]

[phone]

Omar El Jal

Investor Relations Analyst [e-mail]

[phone]

[e-mail]

21

Agenda

Introduction	4–7
Q1 2026 results	9–16
April 2026 renewals	18–20
Appendix	24–51

Appendix

1. P&L

2. Balance sheet & cash flow

3. Calculation of EPS, book value per share and RoE

4. Expenses

5. P&C

6. Investments

7. Debt

8. Rating evolution

9. Listing information

10. Glossary

23

Group

Appendix A: SCOR Q1 2026 financial details

EUR m (rounded)	Q1 2026	Q1 2025	Variation at current FX	Variation at constant FX
Insurance revenue	3,815	4,063	-6.1%	+2.3%
Net insurance revenue	2,951	3,169	-6.9%
Insurance service result	362	324	11.9%
Net income1	220	195	13.1%
Management expenses	299	301	-0.7%
Investment income on invested assets	219	226	-3.0%
Return on invested assets	3.8%	3.8%	0 pt
Annualized RoE1	21.1%	18.3%	2.8% pts
Shareholders’ equity	4,546	4,582	-0.8%
Economic Value	9,044	9,035	0.1%
Economic Value growth	7.4%	6.8%	0.6% pts
Economic Value per share (EUR)	50.60	50.53	0.1%
Operating cash flow	149	150	-1.1%
New business CSM	722	710	1.8%
Insurance revenue	1,812	1,858	-2.5%	+5.4%
Combined ratio	80.2%	85.0%	-4.8% pts
New business CSM2	115	76	51.4%
Insurance revenue	2,004	2,205	-9.1%	-0.4%
Insurance service result3	107	118	-9.3%

P&C

L&H

24 1. Excluding the mark to market impact of the option on own shares. Q1 2026 net income of EUR 225m and RoE of 21.7% taking into account the mark to market impact of the fair value of the option on own shares.

2. Includes the CSM on new treaties and change in CSM on existing treaties due to new business (i.e. new business on existing contracts). 3. Including revenues associated with financial reinsurance contracts.

Appendix A: Consolidated statement of income, Q1 2026

	EUR m (rounded)	Q1 2026	Q1 2025
	Insurance revenue	3,815	4,063
	Insurance service expenses	-3,273	-3,554
	Gross insurance service result 543 509
	Ceded insurance revenue	-865	-895
	Ceded insurance service expenses	683	704
	Ceded insurance service result (reinsurance result) -182 -190
	Net revenues associated with financial reinsurance contracts	1	5
	Insurance service result incl. revenues associated with financial reinsurance contracts 362 324
	Insurance finance income and expenses	-116	-119
	Other income and expenses	10	13
	Investment income1 251 245
	Interest revenue financial assets not measured FVTPL	200	208
	Other investment revenue	66	44
	Net impairment losses	-16	-6
	Share attributable to third party interests in consolidated funds	-20	-23
	Investment management expenses	-18	-21
	Other non-attributable expenses	-113	-97
	Other operating income and expenses	-3	-4
	Operating results before impact of acquisitions 353 317
	Acquisition-related expenses	0	0
	Gain on bargain purchase	0	0
	Operating results 353 317
	Financing expenses	-32	-33
	Share in results of associates	0	0
	Corporate income tax	-96	-84
	Consolidated net income1 225 200
	of which non-controlling interests	0	0
	Consolidated net income1, Group share	225	200
25	1. Taking into account the mark to market impact of the option on own shares. Q1 2026 impact of EUR 7 million before tax.

Appendix A: Consolidated operating results by segment, Q1 2026

		Q1 2026			Q1 2025
EUR m (rounded) L&H		P&C	Total	L&H	P&C	Total
Gross insurance revenue 2,004		1,812	3,815	2,205	1,858	4,063
Gross insurance service expense -1,905		-1,367	-3,273	-2,072	-1,482	-3,554
Gross insurance service result	98	444	543	133	376	509
Ceded insurance revenue	-343	-522	-865	-406	-489	-895
Ceded insurance service expense	350	333	683	386	318	704
Ceded insurance service result (reinsurance result)	8	-190	-182	-19	-171	-190
Net revenues associated with financial reinsurance contracts	1	0	1	5	0	5
Insurance service result incl. revenues associated with financial reinsurance contracts	107	255	362	118	205	324
Insurance finance income and expenses	3	-119	-116	1	-120	-119
Other income and expenses			10			13
Investment income1			251			245
Share attributable to third party interests in consolidated funds			-20			-23
Investment management expenses			-18			-21
Other non-attributable expenses			-113			-97
Other operating income and expenses			-3			-4
Operating results before impact of acquisitions			353			317

1. 1. Taking into account the mark to market impact of the option on own shares. Q1 2026 impact of EUR 7 million before tax.

   Appendix B: Consolidated balance sheet – Assets

   EUR m (rounded) Q1 2026 YE 2025

   Goodwill arising from insurance activities	802	802
   Goodwill arising from non-insurance activities	82	82
   Insurance business investments	23,729	23,882

   Real estate investments	684	686
   Investments at fair value through other comprehensive income	19,630	19,716
   Investments at fair value through profit and loss	1,484	1,485
   Investments at amortized cost	1,825	1,842
   Derivative instruments	106	153

   Investments in associates	2	2
   Insurance contract assets (assumed business)	3,226	2,728
   Reinsurance contracts assets (retrocession)	4,019	3,910
   Other assets	2,688	2,611

   Deferred tax assets	1,020	1,013
   Taxes receivable	140	155
   Miscellaneous assets1	1,524	1,439
   Deposits	4	4

   Cash and cash equivalents 2,219 2,083

   Total assets 36,766 36,100

2. 1. Include other intangible assets, tangible assets and other assets.

Appendix B: Consolidated balance sheet – Liabilities & shareholders’ equity

EUR m (rounded) Q1 2026 YE 2025

Group shareholders’ equity 4,546 4,427

Non-controlling interest 0 0

Total shareholders’ equity	4,546	4,427
Financial debt	3,524	3,574

Subordinated debt	2,959	2,977
Real estate financing	423	453
Other financial debt	142	145

Employee benefits and other provisions	58	76
Insurance contract liabilities (assumed business)	22,366	22,053
Reinsurance contracts liabilities (retrocession)	2,479	2,334
Investment and financial contract liabilities	0	0
Other liabilities	3,794	3,637

Derivative instruments	153	114
Deferred tax liabilities	344	430
Taxes payable	340	256
Miscellaneous liabilities	908	770
Third party interests in consolidated funds	2,048	2,067
Total shareholders’ equity & liabilities	36,766	36,100

28

Appendix B: Consolidated statements of cash flows QTD

EUR m (rounded) Q1 2026 Q1 2025

Cash and cash equivalents at the beginning of the period 2,083 2,392

Net cash flows in respect of operations 149 150

Cash flow in respect of changes in scope of consolidation	15	0
Cash flow in respect of acquisitions and sale of financial assets	67	-437
Cash flow in respect of acquisitions and disposals of tangible and intangible fixed assets	-6	3
Net cash flows in respect of investing activities 76 -434
Transactions on treasury shares and issuance of equity instruments	-13	-16
Dividends paid	0	0
Cash flows in respect of shareholder transactions	-13	-16
Cash related to issue or reimbursement of financial debt	-36	-14
Interest paid on financial debt	-22	-18
Other cash flow from financing activities	-26	-32
Cash flows in respect of financing activities	-85	-64

Net cash flows in respect of financing activities	-98	-79
Effect of changes in foreign exchange rates	9	-2
Cash and cash equivalents at the end of the period	2,219	2,027

29

Appendix B: CSM and shareholders’ equity evolutions

CSM roll-forward		Q1 2026
EUR m, net of retrocession (rounded)	L&H	P&C	Total
Net opening CSM	4,933	527	5,460
New business CSM1	115	722	837
CSM amortization	-87	-243	-330
Interest accretion	30	16	46
Change in operating assumptions	45	-87	-42
Change in economic assumptions and other	21	5	26
Net closing CSM	5,057	940	5,997
Deferred tax2	-1,264	-235	-1,499
Net closing CSM, net of tax	3,793	705	4,498
Shareholders’ equity roll-forward	Q1 2026
EUR m
Opening shareholders’ equity (YE 2025)3	4,427
Net income4	225
Revaluation reserves movements	-138
Currency translation adjustment	-34
Other	66
Closing shareholders’ equity (Q1 2026)4 before dividend	4,546
Dividend distributed	0
Closing shareholders’ equity (Q1 2026)4	4,546

30 1. L&H new business CSM includes the CSM on new treaties and change in CSM on existing treaties due to new business (i.e. new business on existing contracts). 2. 25% notional tax rate applied on CSM. 3. Includes minorities interests. 4. Taking into account the mark to market impact of the option on own shares. Q1 2026 impact of EUR 7 million before tax.

Appendix B: Split of net contract liabilities by segment

P&C

EUR bn

L&H

EUR bn

-0.6

-0.6

12.7

13.0

1.0

0.5

3.7		3.7
4.9		5.1
2.5		2.3
-3.6		-3.3
-0.2 YE 2025		-0.4 Q1 2026

14.0 13.9

0.9

0.9

YE 2025 Q1 2026

CSM RA PVFCF Accounts payable / receivable

31

Appendix C: Calculation of EPS, book value per share and RoE QTD

Earnings per share calculation	Q1 2026	Q1 2025
Group net income1,2 (A) in EUR m	225	200
Average number of opening shares (1)	179,424,410	179,577,400
Impact of new shares issued (2)	223	-
Time weighted treasury shares (3)	-527,851	-843,765
Basic Number of Shares (B) = (1)+(2)+(3)	178,896,782	178,733,635
Basic EPS2 (A)/(B) in EUR	1.26	1.12

Post-tax return on equity (RoE2) EUR m	Q1 2026	Q1 2025
Group net income1,2	225	200
Opening shareholders’ equity	4,427	4,524
Weighted Group net income2,3	113	100
Payment of dividends
Weighted increase in capital
Effects of changes in foreign exchange rates3	-17	-124

Weighted average shareholders’ equity

4,486

4,553

Annualized RoE2 21.7% 18.7%

Book value per share calculation	Q1 2026	Q1 2025
Group shareholders’ equity1 (A) in EUR m	4,546	4,582
Shares issued at the end of the quarter (1)	179,444,449	179,577,400
Treasury shares at the end of the quarter3 (2)	-725,747	-777,162
Basic number of shares (B) = (1)+(2)	178,718,702	178,800,238
Basic book value PS (A)/(B) in EUR	25.44	25.63
CSM net of tax (C) in EUR m	4,498	4,453
Economic book value PS [(A)+(C)]/(B)	50.60	50.53

Change in revaluation reserve – measured at FVTOCI and other3

1. 1. Excluding non-controlling interests. 2. Taking into account the mark to market impact of the option on own shares. Q1 2026 impact of EUR 7 million before tax. 3. 50% of the movement in the period.

   -36 53

   Appendix D: Total management expenses

   EUR m (rounded) 1	Q1 2026	Q1 2025
   Attributable management expenses	-173	-187
   Investment management expenses (non-attributable)	-18	-21
   Other non-attributable management expenses	-109	-93
   Total management expenses	-299	-301

2. 1. Numbers on this page do not include Lloyd’s expenses.

Appendix E: Calculation of P&C combined ratio QTD

Combined ratio calculation
EUR m (rounded)	Q1 2026	Q1 2025
Insurance revenue	1,812	1,858
Ceded insurance revenue	-522	-489
Net insurance revenue (A)	1,290	1,369
Insurance service expense	-1,367	-1,482
Ceded insurance service expense	333	318

Net insurance service expense (B)	-1,035	-1,164
Total combined ratio: -(B)/(A)	80.2%	85.0%
Insurance service result: (A)+(B)	255	205

Detail of P&C combined ratio
Net of retrocession	Q1 2026	Q1 2025
P&C attributable expenses	7.8%	7.8%
Natural castrophe loss	4.2%	12.5%
Effect of onerous contracts	0.6%	-0.7%
Attritional loss, commissions and others1	77.7%	74.7%
Discount effect	-10.0%	-9.3%
Total combined ratio	80.2%	85.0%
34 1. Excludes the discounting effect on claims.

Appendix F: Investment portfolio asset allocation as of 31/03/2026

Tactical Asset Allocation 2024 2025 2026											“Forward 2026” Strategic Asset Allocation in % of invested assets
in % (rounded)	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1			Min	Max
Cash	8%	6%	7%	9%	7%	8%	8%	8%	8%			5%1	-
Fixed income	79%	80%	79%	78%	79%	78%	79%	79%	79%			70%	-
Short-term investments	1%	1%	1%	0%	1%	1%	1%	1%	1%			5%1	-
Government bonds & assimilated	22%	23%	22%	23%	24%	23%	25%	27%	27%			-	100%
Covered bonds & Agency MBS	8%	8%	8%	8%	8%	7%	7%	8%	8%			-	20%
Corporate	45%	45%	46%	45%	46%	45%	44%	42%	42%			-	50%
Structured & securitized products	2%	2%	2%	2%	2%	2%	2%	2%	2%			-	10%

Loans	5%	5%	5%	5%	5%	5%	5%	4%	4%
Equities2	0%	0%	0%	0%	0%	0%	0%	0%	0%
Real estate	3%	3%	3%	3%	3%	3%	3%	3%	3%
Other investments3	5%	6%	6%	5%	5%	6%	6%	6%	6%
Total invested assets EUR bn	23.0	22.7	23.3	24.2	24.3	23.2	23.4	23.5	23.5

-	10%
-	10%
-	10%
-	10%

35 1. Minimum cash + short-term investments is 5%. 2. Including listed equities, convertible bonds. 3. Including private debt, alternative investments, infrastructure, ILS strategies, private and non-listed equities.

Appendix F: Details of investment returns

in %	Q1	Q2	Q3	Q4	FY
Return on invested assets1,2	3.8%	3.6%	3.3%	3.6%	3.5%
Regular income	3.5%	3.5%	3.5%	3.8%	3.5%
Investment gains and losses	0.4%	0.2%	0.2%	0.0%	0.2%
Net impairment and amortization	-0.1%	-0.1%	-0.4%	-0.2%	-0.2%

Annualized returns 2025

Annualized returns 2026

in % Q1

Return on invested assets1,2 3.8%

Regular income 3.6%

Investment gains and losses 0.3%

Net impairment and amortization -0.1%

36 1. Excluding funds withheld by cedants & other deposits. 2. Fair value through income on invested assets excludes EUR 7m in Q1 2026 related to the option on own shares granted to SCOR.

Appendix F: Investment income development

Q1	Q2	Q3	Q4	FY
171	174	177	180	703
21	27	20	25	94
3	3	3	3	13
196	205	200	209	809
-2	-6	1	-3	-10
0	0	1	0	1
7	7	24	-10	29
6	1	26	-13	20
-10	-8	4	0	-14
-6	-20	-5	-10	-42
8	6	4	9	27
-9	-22	2	0	-29
193	184	229	195	800
-8	-9	2	-6	-21
1	1	1	12	16
36	18	33	29	117
28	-35	2	-3	-8
1	1	1	2	6
251	160	269	229	910

Q1	Q2	Q3	Q4	FY
182	175	172	178	708
22	20	21	35	98
4	8	8	8	28
209	203	201	221	835
0	-2	-1	1	-1
0	0	0	0	0
21	13	14	-3	46
22	11	13	-1	44
-4	-9	-17	-16	-47
-2	-5	-11	1	-17
2	10	4	4	20
-4	-4	-25	-11	-44
226	210	190	209	835
-12	3	5	0	-5
1	0	1	1	3
24	20	25	21	89
6	0	3	-10	-2
1	1	1	1	6
245	234	224	223	927

Q1
177
26
8
210
4
0
13
18
-7
-9
8
-9
219
2
1
19
7
2
251

2024 2025 2026

EUR m (rounded)

Interest revenue on debt instruments not measured at FVTPL

Other regular income (dividends and interest) Net real estate rental income

Regular income

Realized gains / losses on debt instruments not measured at

FVTPL

Investment gains and losses

Realized gains / losses on real estate Change in fair value

Real estate amortization and impairment

Net impairment and amortization

Total investment income on invested assets

Net impairment loss on financial assets (*change in ECL) Other income

Foreign exchange gains / losses Income on other consolidated entities

IFRS investment income2

Third party interest on consolidated funds1 Income on technical items and other2 Financing costs on real estate investments

37 1. Third party interest on consolidated funds on investment income on invested assets, i.e. excluding FX and income on derivatives. 2. Taking into account the mark to market impact of the option on own shares. Q1 2026 impact is EUR 7m before tax.

Appendix F: Government bond portfolio as at 31/03/2026

By region

Total EUR 6.3bn

EU (excl UK) UK

North America Korea

China Other

Top exposures

Total EUR 6.3bn

9%

5%

42%

22%

6%

16%

	31 March2026
Supranational1	19%
China	16%
USA	14%
Canada	9%
Australia	7%
Republic of Korea	6%
UK	5%
Germany	5%
India	4%
Netherlands	3%
Other	13%
Total	100%

No exposure to US municipal bonds

38 1. Supranational exposures consisting of ‘‘European Investment Bank’’ securities and similar securities.

Appendix F: Corporate bond portfolio as at 31/03/2026

By rating

Total EUR 9.8bn

By seniority

Total EUR 9.8bn

7% 2%

1%

13%

21%

55%

AAA AA

A BBB

Senior

2%

2%

1%

95%

Subordinated

Hybrid 1

Other

By region

7%

6%

20%

67%

Total EUR 9.8bn

Source: Bloomberg geography definitions

EU (excl UK) North America UK

Other

By sector/type

Consumer, Non-cyclical	31 March 2026 28%
Financial2	24%
Consumer, Cyclical	12%
Industrial	12%
Communiions	10%
Technology	8%
Utilities	3%
Basic Materials	2%
Funds	0%
Energy	0%
Diversified	0%
Total	100%

Total EUR 9.8bn

39 1. Including tier 1, upper tier 2 and tier 2 debts for financials. 2. Of which banks: 71%.

Source: Bloomberg sector definitions

Appendix F: ‘‘Banks’’ corporate bond portfolio as at 31/03/2026

By rating

Total EUR 1.7bn

By seniority

Total EUR 1.7bn

0%

4%

25% 0%

0%

71%

AAA AA

A

BBB <>

NR

Senior

4%

9%

<1%

88%

Subordinated Hybrid 1

Other

By region

Total EUR 1.7bn

Top exposures

Total EUR 1.7bn

At 31 March 2025

15%

28%

7%

49%

EU (excl UK)

US 31%

Canada 18%

France 14%

North America	Spain	6%
UK	Australia	5%
Other	Netherlands	5%
	Japan	4%
	China	3%
	Switzerland	2%
	Other	4%
	Total	100%

UK 7%

40 1. Including tier 1, upper tier 2 and tier 2 debts for financials.