Press release17 May 2024 - N° 07 First quarter 2024 results                 SCOR starts 2024 with a strong first three-months net income of EUR 196 million    Group net income of EUR 196 million in Q1 2024 (EUR 176 million adjusted1) Group Economic Value2 under IFRS 17 of EUR 9.6 billion as of 31 March 2024, up +4.8%3 (+4.1% at constant economics3,4) compared with 31 December 2023, implying an Economic Value per share of EUR 54 (vs. EUR 51 as of 31 December 2023) Estimated Group solvency ratio of 215%5 as of 31 March 2024 Annualized Return on Equity of 17.3% (15.5% adjusted1) in Q1 2024 Insurance revenue of EUR 4,113 million in Q1 2024 (+6.0%6 compared to Q1 2023) P&C combined ratio of 87.1% in Q1 2024 (+1.9pts compared to Q1 2023) L&H insurance service result7 of EUR 72 million in Q1 2024 (EUR -200 million compared to Q1 2023) Investments regular income yield of 3.5% in Q1 2024 (+0.7pts compared to Q1 2023)   SCOR SE's Board of Directors met on 16 May 2024, under the chairmanship of Fabrice Brégier, to approve the Group's Q1 2024 financial statements. Thierry Léger, Chief Executive Officer of SCOR, comments: "For the first quarter of the Forward 2026 strategic plan, SCOR publishes a strong net income of EUR 196 million. In P&C, we are reaping the benefits of the very attractive market conditions with a combined ratio of 87.1% and we remain determined on building reserve buffers. In L&H, we are impacted by an adverse experience variance, mainly driven by US mortality and claims reporting effects. In Investments, SCOR benefits from elevated regular income yield and reinvestment rates. Overall, we are starting the year with a high ROE of 17.3% and an improved solvency ratio of 215% supported by strong operating capital generation driven by P&C January renewals." Group performance and context SCOR records EUR 196 million net income (EUR 176 million adjusted1) in Q1 2024, driven notably by a strong return on invested assets and a P&C performance in line with expectations: In P&C (re)insurance, the combined ratio of 87.1% in Q1 2024 benefits from a low natural catastrophe claims ratio of 7.2%. The attritional loss and commission ratio of 78.8% reflects a satisfactory underlying performance allowing for a continued reserving discipline. In L&H reinsurance, the insurance service result7 stands at EUR 72 million in Q1, impacted by an adverse experience variance of EUR -71 million due to adverse claims experience on the US mortality business and claims reporting effects. Onerous contracts have a positive impact of EUR 20 million this quarter. In Investments, SCOR benefits from still-elevated reinvestment rates in Q1 2024 and records a strong regular income yield of 3.5% (+0.7pts vs. Q1 2023). The effective tax rate stands at 24.1% for Q1 2024, below the 30% assumption expected over the duration of the Forward 2026 plan. The annualized Return on Equity reaches 17.3% (15.5% adjusted1) and the Group Economic Value grows by 4.1% at constant economics3,4. SCOR's solvency ratio is estimated at 215% at the end of Q1 2024, in the upper part of the optimal range of 185%-220%, compared to 209% at year-end 2023, supported by a strong operating capital generation from the P&C business. April P&C reinsurance treaty renewals During the April 2024 renewals, SCOR continues to grow in its preferred lines, maintaining terms and conditions as well as the improved profitability level of its P&C reinsurance book achieved during the January 2024 treaty renewals. As a reminder, premiums renewed in April represent c. 12%8 of the P&C reinsurance premiums. EGPI9 increases by +17.0%8 on the business up for renewal in April, with significant growth of the Alternative Solutions book (EGPI close to double). Specialty Lines increase by +22.8%10, notably in Engineering, Marine and Credit & Surety. SCOR was able to maintain the pricing trend observed in January, with a +3.2% price change overall and a year-to-date improvement on the net expected technical profitability of -1.5pts11 of underwriting ratio. In this very positive environment, SCOR anticipates continued underwriting discipline for the upcoming June and July renewals. Strong P&C underlying performance in Q1 2024 In Q1 2024, P&C insurance revenue stands at EUR 1,837 million, up +3.8% at constant exchange rates (up +2.6% at current exchange rates) compared to Q1 2023. The P&C insurance revenue growth is still affected by a lower level of renewed business in 2023 and is expected to normalize over time as the share of the 2024 premiums increases. New business CSM in Q1 2024 stands at EUR 651 million, supported by growth stemming from business renewed in January while Q1 2023 new business CSM was negatively impacted by a multiyear retrocession contract. P&C (re)insurance key figures: In EUR million (at current exchange rates) Q1 2024 Q1 2023 Variation P&C insurance revenue 1,837 1,791 2.6% P&C insurance service result 181 206 -11.9% Combined ratio 87.1% 85.2% +1.9 pts P&C new business CSM* 651 435 49.7% (*)Q1 2023 new business CSM adjusted following the implementation of IFRS 17 stabilization measures in Q4 2023. See Q4 2023 results presentation page 53. The P&C combined ratio stands at 87.1% in Q1 2024, compared to 85.2% in Q1 2023. It includes: a Nat Cat ratio of 7.2%, mainly impacted by the update of the market loss related to the Q3 2023 Italian hailstorm; an attritional loss and commission ratio of 78.8%, reflecting a satisfactory underlying performance and continued reserving discipline; a discount effect of -6.3%, including the negative impact of a large commutation which is largely offset in IFIE (adjusted for this, the discount effect would be -9.6%); an attributable expense ratio of 7.6% of net insurance revenue. The P&C insurance service result of EUR 181 million is driven by a CSM amortization of EUR 316 million, a risk adjustment release of EUR 27 million, a negative experience variance of EUR -152 million and an onerous contract impact of EUR -9 million. L&H performance impacted by adverse experience variance In Q1 2024, L&H insurance revenue amounts to EUR 2,276 million, up +7.8% at constant exchange rates (+6.6% current exchange rates) compared to Q1 2023. SCOR continues to build its L&H CSM through new business generation (EUR 112 million new business CSM12 in Q1 2024), mostly from protection across all regions and with no large transactions booked this quarter. L&H reinsurance key figures: In EUR million (at current exchange rates) Q1 2024 Q1 2023 Variation L&H insurance revenue 2,276 2,135 6.6% L&H insurance service result7 72 272 -73.6% L&H new business CSM12 112 192 -41.5% The L&H insurance service result7 amounts to EUR 72 million in Q1 2024. It is negatively impacted by an experience variance of EUR -71 million which reflects volatility in US mortality claims and claims reporting effects, partly offset by a positive contribution from onerous contracts of EUR +20 million. Investments deliver strong results with a regular income yield of 3.5% in Q1 2024 As of 31 March 2024, total invested assets amount to EUR 23.0 billion. SCOR's asset mix is optimized, with 79% of the portfolio invested in fixed income. SCOR has a high-quality fixed income portfolio with an average rating of A+ and a duration of 3.0 years. Investments key figures: In EUR million (at current exchange rates) Q1 2024 Q1 2023 Variation Total invested assets 22,962 22,399 +2.5% Regular income yield* 3.5% 2.8% +0.7 pts Return on invested assets*, ** 3.4% 2.9% +0.5 pts (*) Annualized. (**) Fair value through income on invested assets excludes EUR +27 million pre-tax mark to market impact of the fair value of the option on own shares granted to SCOR in Q1 2024. Total investment income on invested assets stands at EUR 19313 million in Q1 2024. The return on invested assets stands at 3.4%13 (vs. 3.7% in Q4 2023) and the regular income yield at 3.5% (vs. 3.7% in Q4 2023). The reinvestment rate stands at 4.7%14 as of 31 March 2024, increasing compared to 4.5% at 31 December 2023. The invested assets portfolio remains highly liquid and financial cash flows of EUR 10.3 billion ...