Fourth quarter 2025 Results - EUR 208 million net income in Q4 2025, contributing to a strong full year net income of EUR 851 million - Proposed regular dividend of EUR 1.9 per share

Core Insights - SCOR reported a net income of EUR 208 million in Q4 2025, contributing to a full-year net income of EUR 851 million, demonstrating strong financial performance [1][6] - The proposed regular dividend for 2025 is EUR 1.9 per share, reflecting a 5.6% increase from the previous year [8] Group Performance and Context - The Group's Q4 2025 net income was EUR 208 million (EUR 214 million adjusted), driven by robust performance across all business activities [5] - The P&C combined ratio improved to 80.9% in Q4 2025 from 83.1% in Q4 2024, indicating better underlying performance [9][23] - The L&H insurance service result for Q4 2025 was EUR 115 million, with positive experience variances aligning with expectations [10][14] Financial Metrics - The annualized Return on Equity (ROE) for Q4 2025 was 20.4% (21.1% adjusted), with a full-year ROE of 19.2% (19.1% adjusted) [5][21] - The Group's solvency ratio stood at 215% as of December 31, 2025, up 5 percentage points from FY 2024, indicating strong capital generation [6][25] - The Group Economic Value under IFRS 17 was EUR 8.5 billion as of December 31, 2025, reflecting a 13.7% increase at constant economics compared to the previous year [7][25] Business Segment Performance - In P&C, insurance revenue for Q4 2025 was EUR 1,795 million, down 7.0% compared to Q4 2024, influenced by competitive pressures [9][22] - L&H insurance revenue for Q4 2025 was EUR 1,988 million, a decrease of 3.3% at current exchange rates compared to the same quarter in 2024 [14][22] - The P&C insurance service result was EUR 256 million, driven by a CSM amortization of EUR 281 million and a risk adjustment release of EUR 28 million [12][21] Investment Performance - Total invested assets amounted to EUR 23.5 billion, with a regular income yield of 3.8% in Q4 2025, up from 3.6% in Q4 2024 [15][17] - The return on invested assets was 3.6% in Q4 2025, an increase from 3.3% in the same quarter of the previous year [17][23] - The reinvestment rate remained stable at 4.0% as of December 31, 2025, supported by a highly liquid asset portfolio [19][25]