Scor : 2023 Universal Registration Document

Universal registration

document 2023

including the annual financial report

SUM M AR Y

1 SCOR Group	3
1.1. Key figures and strategic plan	5
1.2. Information about the SCOR Group	10
1.3. Market and financial review	23
Report on corporate	39
2 governance
2.1. Corporate Governance principles,
shareholders' meetings, Board of Directors,
Executive Committee, employees,
and information required
by Article L. 22-10-11 of the French
Commercial Code	40

2.2. Board of Directors and Executive Committee member compensation, and share

	ownership	80
2.3.	Related party transactions	139
2.4.	Additional Information	141

3 Risk factors and risk management

mechanisms143

3.1.	Main risk factors	144
3.2.	Strategic risks	145

3.3. Underwriting risks related to the P&C

	and L&H businesses	151
3.4.	Market risks	159
3.5.	Credit risks	163
3.6.	Liquidity risks	165
3.7.	Operational risks	168

3.8. Internal control

	and risk management procedures	170
4 statementsConsolidated financial	179
4.1.	Consolidated balance sheet	180
4.2.	Consolidated statement of income	182

4.3. Consolidated statement

	of comprehensive income	183
4.4.	Consolidated statement of cash flows	184

4.5. Consolidated statement of changes

in shareholders' equity

185

4.6. Notes to the consolidated

	financial statements	187
4.7.	Information on holdings	270
4.8.	Statutory Auditors	270

4.9. Auditing of historical consolidated

financial information

271

• SCOR shares, share capital
  and general information 277

5.1.	SCOR shares	278
5.2.	Share capital & shareholders	279
5.3.	General information	292

6	Non-financial	303
performance statement
6.1. Sustainability strategy and governance	304

6.2. Human capital as a key success factor

for the Group

311

6.3. Integrating environmental challenges

into SCOR activities

320

6.4. Promoting the sustainable development

	of societies	331
6.5.	Business ethics and digitalization	334
6.6.	EU taxonomy methodology
	and key performance indicators	340

6.7. Summary of the main metrics disclosed

	in the non-financial performance statement	355
6.8.	Correspondence table	357
6.9.	TCFD correspondence table	358
6.10.	Note on methodology	360

6.11. Report by the independent third-party organization, on the verification

of the consolidated non-financial statement
included in the management report	363

Appendices	367
A. Person responsible for the annual report	368

1. Parent company financial statements

	(SCOR SE)	369
C.	Glossary	405

1. Additional information relating
   to the management report of the company

	and the group - Cross-reference table	412
E.	Cross-reference table -
	delegated regulation (EC) of March 14, 2019	419

1. Annual Financial Report -

Cross-Reference Table

422

G.	Cross-reference table -
	Information incorporated by reference	423

Universal

Registration

Document 2023

including the Annual Financial Report

Pursuant to Article 19 of Regulation (EU) 2017/1129 of June 14, 2017 of the European Parliament and Council, the following information is included by reference in this Universal Registration Document (the "Universal Registration Document"):

• SCOR SE's corporate and consolidated financial statements for the financial year ended December 31, 2022 and the report of the Statutory Auditors regarding said financial statements as presented in SCOR SE's universal registration document filed with the AMF on April 14, 2023 under number D.23-0287;
• SCOR SE's corporate and consolidated financial statements for the financial year ended December 31, 2021 and the report of the Statutory Auditors regarding said financial statements as presented in SCOR SE's universal registration document filed with the AMF on March 3, 2022 under number D.22-067.

Parts of these documents which are not expressly included herein are of no concern to the investor.

European Company with a share capital of EUR 1,416,300,257.21. Registered office: 5, avenue Kléber, 75116 Paris 562 033 357 RCS Paris.

This is a translation into English of the Universal Registration Document of the Company issued in French and it is available on the website of the Issuer.

This universal registration document is a reproduction of the official version of the universal registration document in xHTML format and is available on the AMF's website (www.amf-france.org) as well as on that of the Company (www.scor.com).

This universal registration document includes (i) all the elements of the annual financial report mentioned in I of Article L.451-1-2 of the Monetary and Financial Code as well as in Article 222-3 of the General Regulations of the AMF, the official version of the annual financial report which was drawn up in ESEF format (European Single Electronic Format) being available on the issuer's website, (ii) all the mandatory information in the management report of the Board of Administration, drawn up in accordance with Articles L.225-100 and following and L.22-10-35 and following of the French Commercial Code, and (iii) all the mandatory information in the report on corporate governance provided for in Articles L.225-37 and following and L.22-10-8 and following of the Commercial Code.

The Universal Registration Document was filed on March 20, 2024 with the French financial markets authority (Autorité des marchés financiers - AMF), as competent authority under Regulation (EU) 2017/1129 without prior approval pursuant to Article 9 of the said regulation.

The Universal Registration Document may be used for the purpose of an offer to the public of securities or admission of securities to trading in a regulated market if supplemented by a securities note and, if applicable, a summary and any amendments to the Universal Registration Document. The whole is approved by the AMF in accordance with Regulation (EU) 2017/1129.

1 SCOR Group

1.1	Key figures and strategic plan	5	1.3	Market and financial review	23
1.1.1	Group Key Figures	5	1.3.1	Reinsurance market developments	23
1.1.2	Overview	5	1.3.2	Financial market developments	23
1.1.3	Dividend distribution policy	8	1.3.3	Significant events of the year	24
1.1.4	Current strategic plan	8	1.3.4	Information on SCOR's competitive position	25
1.2	Information about the SCOR Group	10	1.3.5	Revenues & Earnings summary	25
1.3.6	Financial position, liquidity
1.2.1	Listing	10		and capital resources	33
1.3.7	Solvency	35
1.2.2	History and development of SCOR	10
1.3.8	Cash flows	35
1.2.3	SCOR's organizational structure	11
1.3.9	Calculation of financial ratios	36
1.2.4	Ratings information	13
1.3.10	Events subsequent to December 31, 2023	38
1.2.5	Business overview	13
1.3.11	Documents on display	38

1.2.6 Research and development, patents

and licenses	20
1.2.7 Investments	23

UNIVERSAL REGISTRATION DOCUMENT SCOR 2023

3

• SCOR GROUP

A TIER 1 REINSURER GLOBAL POSITION

REINSURANCE

Reinsurance is at the heart of risk management.

It enables insurers to cover their risks by ceding part of them, in order to mutualize them worldwide. SCOR covers major Non-Life risks including large catastrophe risks (both natural and

man-made catastrophes: hurricanes, floods, volcanic eruptions, explosions, fires, plane crashes, etc.), and Life biometric risks (mortality, longevity and lines, both long term and short term). The challenge for reinsurance professionals consists of identifying, selecting, assessing and pricing risks, in order to be able to absorb them.

35

BUREAUXOFFICES

WORLDWIDEÀ T AVERS LE MONDE

RATING

AGENCY

A Stable outlook

A+ Stable outlook

A1 Stable outlook

A+ Stable outlook

6th	15.9
largest reinsurer	billon euros
in the world
of insurance
	revenue in 2023

3,491	5,200
employees	clients throughout
of 65 nationalities	the world

4 UNIVERSAL REGISTRATION DOCUMENT SCOR 2023

SCOR GROUP	1
Key figures and strategic plan

1.1. KEY FIGURES AND STRATEGIC PLAN

1.1.1. GROUP KEY FIGURES

SCOR SE ("the Company") and its consolidated subsidiaries (referred to collectively as "SCOR" or the "Group"), form the world's 6th largest reinsurer (1) serving c. 5,200 clients. The Group is organized in three activities, Property & Casualty ("P&C"), Life & Health ("L&H") and Investments.

SCOR Group presented its new three-year strategic plan Forward 2026 during its investor day, on September 7, 2023.

• In Life & Health (L&H) reinsurance, SCOR leverages the full potential of its leading platform to grow its Contractual Service Margin and actively manages its portfolio to ensure the conversion of profits into cash flows.
• In Property & Casualty (P&C) (re)insurance, SCOR expects the hard market conditions to continue, which should enable the Group to grow in selected attractive lines while building a balanced and resilient portfolio.

SCOR intends to drive value creation for its shareholders, clients, employees, and for society as a whole. The Group maintains a controlled risk appetite and disciplined underwriting as it acts on business opportunities created by the supportive market conditions, fueling growth on its diversified and equally weighted P&C and L&H portfolios:

• In Investments, SCOR maintains its prudent and sustainable investment strategy and benefits from a high reinvestment rate environment to increase its regular income yield. SCOR continues to expand its third-party asset management at SCOR Investment Partners, offering differentiated value propositions through strategies focused on recurring returns, with limited downside risk and sustainable offerings.

	Year ended	Year ended
In EUR millions	December 31, 2023	December 31, 2022 (1)
Consolidated SCOR Group
Gross written premiums (2)	19,371	19,732
Insurance revenue (3)	15,922	15,910
Net insurance revenue	13,068	13,060
Insurance service result (10)	1,486	(1,218)
Consolidated net income - Group share (4)	812	(1,383)
Management expenses ratio (5)	6.9%	6.7%
Investment income (6)	895	384
Return on invested assets (5)	3.2%	2.1%
Return on equity (5)	18.1%	N/A
Basic earnings per share (in EUR) (7)	4.54	(7.76)
Book value per share (in EUR) (5)	26.16	24.11
Share price (in EUR) (8)	26.46	21.49
Economic value per share (in EUR) (9)	51.18	49.77
Operating cash flow	1,480	500
Total shareholders' equity	4,723	4,351
Total economic value	9,213	8,947
SCOR P&C
New Business CSM (3)	952	1,150
Gross written premiums (2)	9,452	10,017
Insurance revenue	7,496	7,371
Combined ratio	85.0%	114.9%
SCOR L&H
New Business CSM (3)	466	842
Gross written premiums (2)	9,919	9,715
Insurance revenue	8,426	8,539
Insurance service result	589	(316)

1. Comparative data have been restated due to the application of IFRS 17.
2. Refer to Section 1.3.5.1 - Consolidated net income. GWP is a non-GAAP metric that is not defined under the IFRS 17 accounting framework. While the insurance revenue is on an earned basis, GWP is on a written basis. Additionally, GWP is gross of all commissions and non-distinct investment component.
3. Refer to Section 1.3.5.1 - Consolidated net income.
4. Refer to Section 1.3.5.1 - Consolidated net income.
5. Refer to Appendix - 1.3.9 - Calculation of financial ratios, for detailed calculation.
6. Refer to Section 1.3.5.1 - Consolidated net income.
7. Refer to Note 4.6.20 - Earning per share.
8. Closing stock price on December 31, 2023 (December 31, 2022).
9. Economic value is defined as the aggregation of shareholders' equity and CSM net of tax.
10. Including revenues associated with financial reinsurance contracts.

1. By net reinsurance premiums written, source: "AM Best Special Report Global Reinsurance 2023".

UNIVERSAL REGISTRATION DOCUMENT SCOR 2023

5

• SCOR GROUP
  Key figures and strategic plan

1.1.2. OVERVIEW

In 2023, the reinsurance industry continues to be driven by three favorable developments that have emerged and accelerated in recent quarters on both the asset and liability sides.

The positive phase of the P&C reinsurance cycle, marked by a significant improvement in pricing conditions, is ongoing. SCOR records strong rate increases for its P&C portfolios renewed in January, April, and June/July 2023, which should lead to an improvement in technical profitability. This is against a backdrop of a still active natural catastrophe activity (significant natural catastrophes losses incurred in 2023 include hails in Italy, a major earthquake in Turkey, wildfires in Hawaii and hurricane Otis, in Mexico), and an elevated level of man-made activity, notably including the series of riots that started in France at the end of June.

In L&H reinsurance, the business continues to grow profitably, generating a strong Insurance Service Result and a significant improvement in its operating cash flow generation, reflecting the continued reduction in Covid-19 claims.

In Investments, SCOR benefits from the higher interest conditions to increase its regular income yield.

Leveraging the market tailwinds, SCOR generates in 2023 a net income of EUR 812 million, implying an annualized Return on Equity of 18.1%, and grows its Economic Value by 8.6% (1).

Gross Written Premiums

In EUR millions

19,73219,371

9,7159,919

10,017	9,452
2022	2023
P&C	L&H

Insurance Service Result

In EUR millions

1,486

589

897

-902

-316 -1,218

20222023

P&C L&H(1)

(1) Includes revenues in Financial contracts reported under IFRS 9

Insurance Revenue

In EUR millions

15,91015,922

8,5398,426

7,371	7,496
2022	2023
P&C	L&H

Consolidated Net Income - Group Share

In EUR millions

812

-1,383

20222023

1. Growth at constant economic assumptions of interest and exchange rates, excluding the mark to market impact of the option on own shares and the effect of its partial derecognition. The starting point is adjusted for the payment of dividend of EUR 1.40 per share (EUR 254 million in total) for the fiscal year 2022, paid in 2023.

6 UNIVERSAL REGISTRATION DOCUMENT SCOR 2023

								SCOR GROUP	1
						Key figures and strategic plan
Return On Equity (1)		Economic Value, Debt and Leverage Ratio (2)
In %		In % in EUR millions
		18.1%	21.6%	21.2%
		2,635			2,613
	n.a.		4,596			4,490

20222023

4,351	4,723
2022	2023

Total shareholder's	CSM net	Subordinated
equity	of tax	debt

New Business CSM (3)	Combined Ratio (4)
In EUR millions	In %

85.0%

466

2023 952

71.9%

P&C L&H

7.3%
6.6%
-0.7%
2023
Effect of onerous contracts	Nat Cat ratio
Attributable expense	Attritional loss
		and commission ratio (5)

1. 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 the period adjusted for the effect of all movements during the period using a prorata temporis method).
2. The leverage ratio is calculated by dividing the subordinated debt by the sum of shareholders' equity and subordinated debt. The calculation excludes accrued interest and includes the impact of swaps related to subordinated debt issuances. This ratio is expressed as a percentage. It is used to determine how much lenders financed the Group's activities over shareholders.
3. Includes the CSM on new treaties and change in CSM on existing treaties due to new business on existing contracts.
4. The combined ratio is calculated by dividing the sum of Non-Life claims (including natural catastrophes), commissions and management expenses, net of retrocession by earned premiums net of retrocession.
5. Including the impact of claims discounting.

UNIVERSAL REGISTRATION DOCUMENT SCOR 2023

7

• SCOR GROUP
  Key figures and strategic plan

Share Price

In EUR

50
40
30
20
10
2019	2020	2021	2022	2023

Solvency ratio

220%	213%	209%
Optimal level
185%
	2022	2023

1.1.3. DIVIDEND DISTRIBUTION POLICY

A resolution will be presented at the Annual Shareholders' Meeting held during the first half of 2024, to approve the financial statements for the 2023 financial year, proposing the distribution of a dividend of EUR 1,80 per share for the 2023 financial year.

Unclaimed dividends will be paid over to the French Treasury after five years (statutory limitation period for dividends). See also Section 4.6 - Notes to the consolidated financial statements, Note 20 - Earnings per share.

1.75	1.80	1.80	1.80
			1.40

2018 2019** 2020 2021* 2022 2023

• Share buy-back program put in place in 2021 for EUR 200 million.

• In the context of Covid-19, no dividends were distributed for the 2019 financial year.

1.1.4. CURRENT STRATEGIC PLAN

At its 2023 Investor Day in Paris, SCOR presented its new strategic plan for 2024-2026,Forward 2026.

SCOR takes a step forward to fully benefit from the most supportive market environment in the past two decades

As the world continues to undergo fundamental changes, risks are multiplying, and intensifying, creating unprecedented challenges for societies. This rapidly evolving risk landscape has led to a growing demand for protection, and to favorable market conditions for reinsurers. At the same time, the increase in both P&C reinsurance rates and interest rates is expected to support reinsurers' margins.

In such an environment, SCOR is well placed to seize market opportunities, benefiting from its leading global franchise, strong balance sheet, and differentiating in-house expertise. Forward 2026 will combine the art and science of risk to protect societies, while firmly maintaining sustainability at the heart of the Group's raison d'être.

SCOR is set to accelerate value creation over the next three years

Forward 2026 sets two ambitious and equally weighted targets over the duration of the plan:

• a financial target: an Economic Value growth rate of 9% per annum, at constant interest and foreign exchange rates (1);
• a 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.

With Forward 2026, SCOR will drive value creation for its shareholders, clients, employees, and for society as a whole. The Group maintains a controlled risk appetite and disciplined underwriting as it acts on business opportunities created by the supportive market conditions, fueling growth on its diversified and equally weighted P&C and L&H portfolios.

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

8 UNIVERSAL REGISTRATION DOCUMENT SCOR 2023