Scor : 2022 Activity Report

A YEAR OF

RISK & RESILIENCE

Activity Report 2022

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ACTIVITY REPORT 2022

RAISON D'ÊTRE

COMBINING

THE ART & SCIENCE OF RISK TO PROTECT SOCIETIES

As a global independent reinsurance company, SCOR contributes to the welfare, resilience, and sustainable development of society by bridging the protection gap, increasing insurance reach, helping to protect insureds against the risks they face, pushing back the frontiers of insurability, and acting as a responsible investor. Through the expertise and know-how of its employees, it combines the Art and Science of Risk to offer its clients an optimum level of security and creates value for its shareholders by developing its Life & Health and Property & Casualty business lines, respecting strict corporate governance rules. SCOR provides its clients with a broad range of innovative reinsurance solutions and pursues an underwriting policy founded on profitability, supported by effective risk management and a prudent investment policy •

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ACTIVITY REPORT 2022

CONTENTS

OUR
GROUP	6
	APPROACH TO SUSTAINABILITY	18
	PEOPLE	32
	RISK KNOWLEDGE	42
	BUSINESS IMPACT	62
	SUSTAINABLE OPERATIONS	88

6	7	ACTIVITY REPORT 2022	OUR GROUP

"SCOR will actively pursue its development with the twofold target of solvency and value creation."

SCOR is fully mobilized to meet all the conditions required to successfully benefit from the new environment. In this perspective, the Board of Directors of SCOR has unanimously decided to a change of Chief Executive Officer, appointing Thierry Léger as of May 1, 2023. An experienced and skilled reinsurer with expertise in both Life & Health and Property & Casualty reinsurance, Thierry Léger's mission is to present a new plan aiming at consolidating SCOR's position as a Tier 1 global reinsurer.

As an industry, reinsurance is benefitting structurally from long-term growth drivers, such as the expansion of the risk universe, an increased aversion to risk (and consequently a greater demand for cover), a growing sphere of insurable risks, and the gradual reduction of the protection gap in both emerging markets and industrialized countries.

In recent quarters, the reinsurance industry has also been supported by three favorable developments on both the asset and liability sides. First, the positive phase of the Property & Casualty reinsurance cycle, marked by strong general market hardening, is ongoing. Second, in Life

• Health reinsurance, the excess mortality associated with the Covid-19 pandemic has largely disappeared. Finally, the rise in interest rates - which SCOR is taking full advantage of thanks to the low duration of its investment portfolio - will significantly increase the financial contribution of investments to reinsurers' net income.

Last, but not least, 2023 marks the transition to the new IFRS 17 accounting standard, which constitutes a veritable quantum leap for the reinsurance industry in general, and for SCOR in particular. This new standard reflects the Economic Value of the Group's risk portfolio more accurately and faithfully, particularly for life reinsurance. At EUR 9.8 billion as of March 31, 2023, SCOR's Economic Value confirms the relevance of the strategic choices made over the past few years. These choices have notably been guided by the conviction that life reinsurance is a strong value creator. This Economic Value is now fully recognized in the Group's accounts, which was not the case under IFRS 4.

In this favorable environment, SCOR will actively pursue its development with the twofold target of solvency and value creation, leveraging its global underwriting platform, its outstanding technical know-how, its internationally recognized franchise, its first-rate reputation on the market, and the richness of its human capital.

We have an extraordinary and fascinating job: helping the world to face ever more complex, severe, and global risks Z

Denis Kessler- CHAIRMAN

8	9	ACTIVITY REPORT 2022	OUR GROUP

SCOR

AT A GLANCE

SCOR, a leading global reinsurer, offers our clients

a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk. Applying "The Art & Science of Risk," SCOR uses our industry-recognized expertise and cutting-edge financial solutions to serve our clients and contribute to the welfare and resilience of society.

SCOR'S OFFICES AROUND THE WORLD

Established in some 35 countries worldwide, the Group provides services to more than 5000 clients. With leading knowledge, talent, and expertise across all lines of business, SCOR develops bespoke solutions centered around customer needs in an evolving insurance ecosystem •

A WELL-DIVERSIFIED PORTFOLIO

Gross written premiums

18%

APAC

44%

37 Americas

%

EMEA

€19.7 billion

gross written premiums

€10 billion

P&C

€9.7 billion

L&H

+2.1%

3500

employees

35

offices worldwide

5200

clients

Return on invested assets