Earnings call transcript: SCOR’s Q2 2025 sees solid performance, strong guidance

SCOR SE reported a robust performance in Q2 2025, with a net income of €225 million and a return on equity of 22.6%. The company maintained a stable solvency ratio of 210%, reflecting strong capital generation despite foreign exchange impacts. According to InvestingPro data, the company’s strong performance is reflected in its P/E ratio of 12.36 and impressive revenue growth of 15.31% over the last twelve months. With a current ratio of 2.19 and an Altman Z-Score of 6.59, SCOR demonstrates robust financial health. SCOR’s strategic initiatives under the Forward 2026 plan are progressing well, with a focus on profitable growth and diversification. The company’s stock remained stable, trading near its 52-week high, while offering an attractive dividend yield of 3.26%. InvestingPro analysis indicates the stock is currently fairly valued, with multiple analysts revising their earnings expectations upward for the upcoming period. InvestingPro subscribers have access to 8 additional key insights about SCOR’s valuation and growth prospects.

Key Takeaways

• Net income reached €225 million, with a return on equity of 22.6%.
• Solvency ratio held steady at 210%, showcasing financial stability.
• The Forward 2026 strategic plan is on track, emphasizing profitable growth.
• Expectation of flattish P&C revenue growth for 2025.
• Positive impact anticipated from Solvency II review.

Company Performance

SCOR demonstrated strong financial health in Q2 2025, with significant net income and a high return on equity of 11% over the last twelve months. The company is executing its Forward 2026 strategic plan effectively, focusing on diversifying its business lines and optimizing capital allocation. For detailed analysis of SCOR’s financial health and growth potential, InvestingPro subscribers can access comprehensive research reports that transform complex Wall Street data into actionable intelligence. This strategic focus is crucial in a market characterized by volatility due to climate change, geopolitical uncertainties, and digitization.

Financial Highlights

• Net income: €225 million
• Return on equity: 22.6%
• Solvency ratio: 210%
• Economic value growth: 10.5% at constant economics

Outlook & Guidance

SCOR remains committed to its Forward 2026 plan, aiming for 4-6% growth. The company anticipates stable P&C revenue for 2025 and expects the Solvency II review to positively impact its solvency ratio by 10-15 points. The strategic focus on selective growth in preferred lines like Alternative Solutions and Marine is expected to drive future performance.

Executive Commentary

Thierry Leger, Group CEO, expressed satisfaction with the company’s performance, stating, "We are very satisfied with the level and quality of our results over the first six months of 2025." Deputy CEO and CFO Francois Varane highlighted the company’s strong solvency position, noting, "Our solvency ratio remained very strong at 210 in the upper part of our optimal range."

Risks and Challenges

• Climate change and geopolitical uncertainties pose ongoing risks.
• The competitive reinsurance market requires disciplined pricing strategies.
• Foreign exchange fluctuations could impact financial performance.
• Regulatory changes, such as Solvency II, may affect capital requirements.
• Market volatility from digitization and technological advancements.

Q&A

During the earnings call, analysts inquired about SCOR’s dynamic retrocession strategy and the implications of the Covea arbitration developments. The company also addressed questions regarding the increase in PML for North American hurricane exposure, highlighting its proactive risk management approach.

Full transcript - Scor SE S (SCR) Q2 2025:

Conference Operator: Good afternoon, ladies and gentlemen, and welcome to the SCOR Q2 twenty twenty five Results Conference Call. This call is being recorded. There will be an opportunity to ask questions after the presentation by pressing star and one on your telephone keypad. In order to give all participants a chance to ask questions, we kindly ask you to limit the number of your questions to two. At this time, I would now like to hand the call to Mr.

Thomas Fussard. Please go ahead, sir.

Thomas Fussard, Head of Investor Relations, SCOR: Good afternoon and welcome to SCOR Q2 twenty twenty five results conference call. My name is Thomas Fossard, Head of Investor Relations. And I’m joined today on the call by Thierry Leger, Group CEO Francois Varane, Deputy CEO and Group CFO Jean Paul Connoissezente, P and C CEO as well as other COMEX members. On slide two, can I please ask you to consider the disclaimer of the presentation? And now I would like to hand over to Thierry.

Thierry, over to you.

Thierry Leger, Group CEO, SCOR: Thank you, Thomas. Good afternoon everyone and thanks for joining the call today. Let me have some high level remarks on SCOR’s six months performance before turning to Francois and Jean Paul for more details. Overall, I’m very satisfied with the level and the quality of the results since the start of the year with all our three businesses contributing positively. In P and C, the portfolio is in a very good state, as demonstrated by the excellent underlying attritional loss ratio.

This is the result of our Forward 2026 plan where we target profitable and diversifying lines of business. We feel well positioned in the current markets and able to continue to deliver on our strategic priorities also in going forward. We have steered our capital allocation proactively in the last six months by adapting our portfolio mix to the more competitive market we are in. On top of it, we adopted a more dynamic retrocession approach, helping us to improve our net combined ratio additionally. All these actions prove to be the right choice in the current cycle that we still view as adequate overall.

In terms of P and C market outlook, at SCOR we prepare for a more competitive, more distinctive, but overall still risk advocate market. Without major losses in the second half of the year, I expect our underwriting strategy to remain broadly unchanged. We will continue to actively steer our portfolio to the most diversifying and profitable lines of business. Our Tier one franchise and the still relatively low market share provide us with an attractive pipeline of new business opportunities in the coming quarters. The environment remains very volatile, particularly driven by climate change, geopolitics and digitization.

We therefore expect the demand for reinsurance to be generally up and our teams are 100% focused on our clients and their needs. In Life and Health, following a good first quarter, we deliver another three months in line with our expectations. As I told you already, even if this is very positive, I want to see us deliver on many more quarters before declaring victory. In terms of numbers, the profit contribution to the group over the last, over the first six months is as expected under the Forward 2026 plan. Our Life and Health team under the leadership of the new Life and Health CEO, Philippe Ruede, continues to execute on the three step plan established last summer to restore the profitability of our new and in force business.

As in P and C, looking ahead, I see a strong pipeline of attractive business opportunities in Life and Health. I would like to end my introduction with two numbers. The six months return on equity of 20.1% and our economic value growth of 10.5%, both well above our targets despite buffer building, which I regard as a clear reflection of the strength of our strategy and business franchise. Francois,

Jean Paul Connoissezente, P&C CEO, SCOR: over to you.

Francois Varane, Deputy CEO and Group CFO, SCOR: Thank you, Thierry. Hello, everyone, and thanks for joining the call today. I will now walk you through our second quarter results, starting with a few key messages. First, Thierry and I, we are very satisfied with these results. The performance of our three business activities is strong, delivering EUR225 million of net income, a 22.6% return on equity and an economic value growth of 10.5% at constant economics.

P and C is excellent. The combined ratio for Q2 is at 82.5%, well ahead of Forward 2026 assumption of below 87%. This result reflects both low cat claims and strong underlying attritional performance. This performance enabled us to build additional material buffer in Q2. In Life and Health, with an insurance service result of EUR180 million in Q2 and the year to date expense variance in line with our expectation, we are on track to reach our full year Forward 2026 assumption of around EUR400 million ISR.

Investments had another good quarter. We achieved a 3.5% regular income yield and a return on invested assets of 3.6%, thanks to a high quality fixed income portfolio that continues to benefit from elevated reinvestment rates. Our economic value increases by 10.5% at constant economics, the translation of the good and excellent business performance. Our group solvency ratio stands at 210%, stable compared to the 2024. This is supported by strong net operating capital generation in the first half, net of dividend, offset by adverse market variances and notably the volatility in FX in Q2.

On JuneJuly P and C renewals, in an environment with increased competition, we have executed in a disciplined way on our P and C strategy. We continued our growth in profitable and diversifying line of business. This, combined with our dynamic retro buying approach, this has translated into an unchanged net technical margin compared to last year in the 2025 renewals year to date. Jean Paul will provide you with more colors on the media renewals later in presentation. Overall, thanks to the quality of our results over the first six months, we remain confident about achieving our full year objectives.

Now I will go on with more details regarding our Q2 results. Starting first with P and C. In Q2, the P and C new business CSM is mostly stable year on year excluding the FX effect. This is a strong achievement in an increasingly competitive environment. On a half year basis, our P and C new business CSM grew by 5%, benefiting from our strategic growth in Preferred Line as well as our dynamic acquisition buying, which offsets the inward business margin erosion.

The P and C insurance revenue is down minus 6.6% for the quarter. The already mentioned large contract commutation impacts the Q2 growth rate by minus 6.4 percentage points or minus €131,000,000 Excluding this effect, the insurance revenue growth is flat. Similar to Q1, this is supported by growth in reinsurance offset by a decline in SCOR Business Solutions. In reinsurance, our preferred line continued to grow nicely, namely Alternative Solutions, Engineering, Marine, IDI and International Casualty. Together they are up plus 9%.

This is partially impacted by a negative premium revision in the agriculture business underwritten last year and our proactive actions to reduce our US casualty book. This is fully in line with our focus on profitability. We are prepared to reduce capacity or redeploy capital whenever necessary. In SCOR Business Solutions, the trend has improved compared to Q1 as the timing effect on the renewal of some contracts has now caught up nonetheless. We still see the impact from the closing of underwriting U.

Casualty business from London and Paris, and we are also impacted by a one off refinement in NDIC calculation in Alternative Solutions, impacting the SBS growth by a negative three percentage points. Overall, the P and C insurance revenue this quarter contained some noises, while in terms of the underlying, we are doing what we promised, growing in profitable and diversified way. Moving on to the underlying performance of our P and C book. Our P and C combined ratio stands at 82.5% in Q2, benefiting from low Nat Cat losses in the quarter. Nat Cat ratio stands at 3.8% in Q2 and 8.2% year to date, well within the annual budget of 10%.

In such a quarter, we take of course the opportunity to build additional buffers. The 77.4% reported attritional loss and commission ratio includes good underlying attritional loss performance as well as a strong level of prudence. We are very satisfied with the shape of our P and C portfolio, delivering again excellent performance quarter after quarter. Now let’s have a look at the Life and Health portfolio. The Life and Health business generated new business CSM of EUR136 million in Q2.

This is mainly driven by the protection business, which includes some positive true ups from the last quarter. On a half year basis, we are well on track towards achieving the EUR0.4 billion new business CSM annual assumption. On insurance service result, Life and Health delivered €118,000,000 this quarter, including some positive one offs in the CSM amortization. On the experience variance side, this is fully in line with our expectation year to date. On investment, we continue to benefit from a strong performance with a return on invested assets of 3.6% this quarter, generating an income of EUR210 million despite the negative FX impact on the asset base.

This comes from a regular income yield of 3.5% as well as from a positive fair value change on our private equity investments. Moving now to solvency. Capital generation in the 2025 has been very strong, more than compensating the need for continued business growth and for the accrual of the dividend. This is also reflected in our economic value growth of 10.5% at constant economic assumption compared to year end 2024. Similar to the economic value evolution, the solvency ratio is impacted by adverse market variances, especially the volatility in FX in Q2, which offsets a large part of the value creation in the 2025.

Nevertheless, our solvency ratio remained very strong at two ten in the upper part of our optimal range. Before moving to the JuneJuly renewals, I’d like to come back on our press release of this morning on new developments on arbitration. We have been informed that Covia just filed a request for arbitration to contest the validity of the settlement agreement drawn up and concluded in the presence of the French regulator ICPR on 06/10/2021. We consider this request unfunded and we will vigorously defend our rights. This request for new arbitrations comes in addition to the ongoing arbitration under Reprocessation Treaty initiated by SCOR in November 2022 and which has now reached its final phase.

In this context, Covea has requested that the tribunal in charge of the 2022 arbitration stay or defer its decision until the outcome of this new arbitration, again at a time this ongoing arbitration is reaching its final phase. We oppose this request and remain firmly committed to keeping the current proceedings within the agreed timeline for a decision to be rendered in the course of 2026. This latest development has no impact on our business, no impact on our ability to deliver our strategic plans forward 2026. We are very confident on the positive outcome of both arbitration. With this, I will hand over to Jean Paul.

Jean Paul Connoissezente, P&C CEO, SCOR: Thank you, Francois, and good afternoon, everyone. I’d like to briefly share with you the outcome of the SCOR P and C midyear treaty renewals. As a reminder, these represent around 14% of our reinsurance portfolio and around 10% of our global P and C business. These are highly focused on The US, which accounts for 50% of the SCOR premium up for renewal in June and July. Let’s first take a look at the year to date figures.

Throughout the year, we have consistently executed on our Forward ’26 strategy, growing in our preferred lines. We are showing a 6% eGPI overall growth, driven particularly by specialty lines, where the growth is at 9%, and alternative solutions at 30%. P and C lines remain stable but with a different profile, namely reduced exposure to US casualty and selective growth on property cat. This year to date growth has been achieved at stable expected net technical profitability, with the growth in proportional treaties and the more favorable retro market conditions helping to offset the margin erosion on the non proportional treaties. Turning next to the mid year renewals, PISA follow a similar trend to the January and April renewals, characterized by increased competition, particularly in the property cat space and more marginally in specialty lines.

The decrease in price has remained mostly limited to non proportional treaties, while proportional treaties continue to get rate increases. We continue to view strong rate adequacy in most lines of business despite the price decreases, with terms and conditions remaining broadly stable. Within the still favorable market environment, we continued to grow in our preferred lines while maintaining a stable year on year overall net technical margin. Looking in more details by lines of business, In alternative solutions, we saw a slight decrease in the JuneJuly renewals due to the non renewal of one large US deal. That said, the pipeline of deals remains strong for the remainder of the year, confirming clients’ continued demand for structured solutions.

We had a strong renewal in diversifying lines, driven by international casualty and marine. Marine is a line of business where we still see good price adequacy despite pressure on pricing. We’ve achieved an EGPI growth of 6% in property cat, largely driven by The U. S. Despite an average rate online decrease of 10% year on year across The U.

S. Portfolio, we believe that the price level of U. S. Business to be adequate. This led us to increase our gross exposures on target clients as well as to keep more net, resulting in an increase of North American hurricane net PMLs year on year.

Our twenty twenty five net PMLs still remain small compared to the industry, and we continue to take a prudent approach to climate sensitive exposures in line with the Forward ’26 Strategy. Regarding US casualty, we remain disciplined and selective. Whilst the insurance market continues to push through double digit primary rate increases, the reinsurance market showed little to no downward pressure on ceding commissions. As a result, we continue to see insufficient margins and took underwriting actions to protect our profitability, reducing our portfolio EGBI by 14%. Looking ahead to the January 2026 treaty renewals, we expect continued reinsurance competition on well structured and priced programs.

However, we also expect continued discipline from the reinsurance market, and we will continue to do our part as demonstrated during these 2025 renewals. I will now hand back to Thierry for closing remarks.

Thierry Leger, Group CEO, SCOR: Thank you, Jean Paul and Francois. Let me conclude before handing over to Thomas for the Q and A. We are very satisfied with the level and quality of our results over the first six months of 2025. In P and C, we have taken proactive and strategic underwriting decisions, which have enabled us to combine growth with an unchanged attractive net technical margin. In Life and Health, we have delivered six months results in line with expectations and remain fully focused on the execution of our three step plan.

Thanks to our clear strategy and Tier one franchise, we are confident in our ability to deliver on our Forward 2026 plan. Thomas, over to you.

Thomas Fussard, Head of Investor Relations, SCOR: Thank you, Thierry. On Page 21, you will find the forthcoming scheduled events. With that, we can now move to the Q and A session.

Conference Operator: So the first question is from Andrew Baker, Goldman Sachs. Please go ahead.

Andrew Baker, Analyst, Goldman Sachs: Great. Thank you for taking my questions. The first one on the P and C Re combined ratio. Are you able to just give us a sense of how much the additional buffer build was in the quarter? Really just trying to get a better sense of where the underlying or the normalized combined ratio is running.

And also just to clarify on that point, does that buffer run through the risk adjustment? And so can we use the sort of increase in the risk adjustment as a proxy for a way to back solve it? And then secondly, just on the new Corveyor arbitration, is it fair to assume that the contentious point is around the Life and Health Re quota share portion of the original agreement? Or is it around the restrictions around Kvaer’s ownerships and voting rights on SCOR shares? You.

Francois Varane, Deputy CEO and Group CFO, SCOR: Hi, Andrew. Thank you for the questions. I will take the two questions. So the first one, so you remember of the first strategy that we initiated with Thierry in July 2023, we had a target two years in advance compared to our initial ambition. So the target of EUR 300,000,000 was reached at the 2024.

Since we moved to an opportunistic strategy and we add buffer when we have an excellent underlying performance of P and C or the group. That was the case in Q1. Of course, with such a low nat cat ratio and such a good attritional ratio, as I mentioned it, the amount of buffer we opportunistically added in Q2 is material. I confirm that since 2024, we add those buffer in the risk adjustment under IFRS. And I agree with you that the increase of the risk adjustment is maybe not one for one, but is a good proxy of the amount of buffer that we added this quarter.

Another way to see it, and if you want to double check the amount you may have in mind, look at the expense variance. The expense variance this quarter is negative at around minus million, and you should expect that the expense variance should be positive given the nat cat ratio and the exceptional performance this quarter. So you can imagine if you adjust for the cat ratio and the attritional performance and the published expense variance, can double check the amount that you find using the proxy on the risk adjustment. On your second question, so let me come back. I remind you, I guess you may have some questions on these new developments.

We remind you that we are bound by confidentiality obligations, which prevent us from sharing detailed information on any arbitration, so not only this one, but on any arbitration beyond what is strictly required under applicable law and regulations. That’s what we did in the press release this morning. So you remember, just I come back, we signed in June 2021 a global settlement agreement between Covera and SCOR. Part of this settlement agreement was the idea was to restore business relationship between the two groups, to maintain a relationship as a shareholder and to maintain a relationship as a client. So Scovea is a shareholder, is a retrocessionaire and is a client, and that was what was included in this settled agreement.

In exchange, so retrocession agreement on life and health treaties has been signed between SCOR and Correa. So again, here, the new development, we’ve just been informed that Korea has filed for an arbitration on the settlement agreement and not on the reinsurance treaties, which is the current arbitration that SCOR launched sixteen months after the launch, signature of the settlement agreement.

Andrew Baker, Analyst, Goldman Sachs: Great. Thank you very much.

Thomas Fussard, Head of Investor Relations, SCOR: Thank you, Andrew. Can we take the next question, please?

Conference Operator: The next question is from Shanti Kang of Bank of America. Please go ahead.

Shanti Kang, Analyst, Bank of America: Hi, yes. I just had a couple of questions. First one is on P and C. So the top line is obviously softer on FX and this large multiyear commutation. So if we strip out those, how should we think about the run rate of top line going into the second half of this year?

Maybe you could talk a little bit about where you’re looking to grow given the pricing conditions you’ve seen at midyear renewals? And then the second question is just on

Thierry Leger, Group CEO, SCOR: the

Shanti Kang, Analyst, Bank of America: Quevia settlement for the validity contest. Have you guys provisioned anything against this or for any future action? And would any of the settlement, gains that you’ve had in the past be used to reserve against future action, or would this be sort of released? Thank you.

Francois Varane, Deputy CEO and Group CFO, SCOR: I suggest, Jean Paul take

Jean Paul Connoissezente, P&C CEO, SCOR: the first question. Okay. Thank you, Shana. So on on the first question, yes. So for the for the rest of the year, we still have a very strong pipeline of of transactions, especially on the alternative solutions.

As you know, there’s very little treaty business renewing between the July and the end of the year, but we still have a lot of opportunities on the AS side and on the SPS side. So our intent is to continue to, you know, investigate and explore, all profitable, business opportunities, and, you know, we remain, still very active in this aspect. In terms of guidance for the year, I think, you know, we had indicated in q one, low single digit. I think given the, given the renewals that we just completed in June, July, I think we should revise that that, the guidance for 2025 to flattish. But for ’26, we remain very optimistic still.

We still have to see what the, you know, the next few months, hold in terms of loss activity, in terms of discussions around the renewals. And and for this, I I I defer back to Francois, but it’s too soon for for us to to really change our guidance for 2020

Francois Varane, Deputy CEO and Group CFO, SCOR: Yeah. Just just I mean, you remember, I mean, that we had the question during the the q one call, and we said that we will give you more indication, during this this call. So let’s say, it’s a miss of the of of the assumptions for 2025. We expect the growth insurance growth of revenue growth for 2025 flattish for P and C. But we reiterate and we maintain for the entire plan the guidance of four to 6% that you saw in forward 2026 assumptions.

On your second question the provision, so again, I will be a little bit generic, but I guess that through my answers, you may find what you want. As a matter of principle, provisions for all material ongoing litigation arbitration arbitration are booked at best estimate under IFRS and under Solvency II. If you remember what we did in Q3 last year, we took with Thierry the opportunity of the Life Finance actual review to adjust position on, I would say, major material arbitration in Q2. It was on a few arbitration, not only one, and the amount was CHF 128,000,000 to CHF 28,000,000. So we reiterate the fact that we are at best estimates under IFRS insolvency II.

How we book those provisions? I think it could be interesting for you to understand how we book this provision. Again, on all our material ongoing litigation or arbitration, again here, as a matter of principle, our provisions are calculated based on a probability weighted multi scenario analysis and this is in line with market practice with IFRS and Solvency II recommendation. And we consider, when appropriate, of course, a legal opinion on each litigation or arbitration. Those provisions, of course, are reviewed in detail, of course, by the audit committee, the board, but by our two auditors as well, at least at Q2 and Q4 when our accounts are fully audited.

The only information I can give you or at least two information I can share today given, again, the confidentiality clauses we’ve got. Of course, if and when applicable, the multi scenario analysis can include a cancellation scenario. And you will see tonight, tonight we are going to publish our Alfier report on our website. You will see in this Alfier report that we classify this new development on arbitration as a subsequent event, which means it has been discussed with our auditors and the provision or provision are unchanged compared to Q1 and Q4.

Thomas Fussard, Head of Investor Relations, SCOR: Thank Operator, can we take the next question, please?

Conference Operator: The next question is from Kamran Hossain, JPMorgan. Please go ahead.

Kamran Hossain, Analyst, JPMorgan: Hi. Afternoon. Two questions on P and C. Just really interested given how well this year has gone so far for you and it kind of seems to have evened out pretty well for the rest of the market, what the view is on sort of the renewals for the 01/01/2026? Clearly, your outcomes at midyear look relatively good relative to some of the other market commentaries.

Was interested in kind of where you think that lands us for the beginning of twenty twenty six? The second question is just on the PMLs. For a number of years, there were decreases, particularly in The U. S. Hurricane PML.

It’s gone up pretty materially. And I would assume there’s probably you probably should have had an offset elsewhere from my FX. So it’s gone up quite a lot. So just in intrigued kind of what’s going on with the PML. Because, again, if I look at your midyear renewals, it doesn’t look like you’ve grown that much.

So just interested in kind of what’s happening going on there, whether it’s just a change in retro or something else. Thanks.

Francois Varane, Deputy CEO and Group CFO, SCOR: Thank you. Thank you, Cameron. So Jean Paul is going to take the two questions.

Jean Paul Connoissezente, P&C CEO, SCOR: Yes. So on your first question on the outlook for January 2026, again, it’s a little bit difficult to to give a clear view right now because a lot of it depends what happens over the next two quarters. But assuming the next two quarters are are free of any major loss activity, we would see an environment that we expect to be similar to what we saw at June, July, and April, which is a competitive, market for programs that are well structured and well priced and, you know, primarily a non proportional business and, you know, a continuation on proportional business of price increases because the loss activity on a primary level has remained unabated and still very, very active. So insurance companies are pushing through primary rates. We see rate decreases as more in the non proportional treaties.

There, you know, today, we see the price level as adequate, and I I think, you know, anticipating some some more competition, we’ll see to what level that competition is, but we we expect, as I said, a similar market to what we saw today. Discipline from the market players, giving back some rate to clients, where the three d has performed well, and where the the level of of retentions are are adequate. On on on your second question regarding the PMLs, so if you look, the the the one the one peril would have been a notable increase is on North American hurricane PML. As I mentioned in in in my renewal speech, I think what we saw there is, you know, overall rate on line decreases of 10%. Price adequacy, there remains, you know, very adequate in our view.

And so we decided to grow our our book on US hurricane and and also to retain more on a net basis. So that is really the driver of the net increase of the of the increase in net PMLs for North American hurricane. For the other perils, I’d say the the PMLs are fairly stable on on a net basis.

Kamran Hossain, Analyst, JPMorgan: So I guess pre FX, I guess the jump is about 40% year on year, but I guess ex FX, it’s more like 50%. So but I guess it sounds like that’s where your appetite, you think it’s well priced, and that’s the decision. So that no. That that all kind of makes sense to me.

Jean Paul Connoissezente, P&C CEO, SCOR: Yeah. And and I I think, you know, if we compare ourselves to to peers, I think our our PMLs still remain, you know, low compared to peers. So, you know, on different metrics. So I still we, you know, we still have room, for for this growth.

Kamran Hossain, Analyst, JPMorgan: Yeah, it’s definitely a much smaller absolute number for sure. Thanks very much.

Thierry Leger, Group CEO, SCOR: And if I may add here, I mean overall in looking at the risk profile, we are still underweight in CAT, so there’s no change to our risk profile, just that this is also very very clear. And the other one with regard to the renewals, Jean Paul, I think explained it really well. We think that with our strategy that is quite distinct, where we really chase profitability and diversification at the same time, it leads us to a better outcome in general than if you don’t adapt such a strategy. So we are confident in one thing, whatever the market will be, we will try to make the best out of it.

Kamran Hossain, Analyst, JPMorgan: That’s very clear. Thank you, Sari.

Thomas Fussard, Head of Investor Relations, SCOR: Thanks, Cameron. Operator, can we take the next question?

Conference Operator: The next question is from Will Hartgasol, UBS. Please go ahead.

Will Hartgasol, Analyst, UBS: Hey, thank you. It sounds like there was more net capital generation than you’d have anticipated in the half year, obviously stronger earnings perhaps as well. But at the CMD, you made the comment about two to four points cumulative net cap gen for the next two years. I guess the question is, would you still stand by this today? Or would you expect it to be higher?

And what’s been the deviation to that point if there has been a change? The second one is just coming back to this new arbitration. I appreciate your strong stance. I I guess I’m just trying to sort of quantum a potential tail risk here. At the time of settlement, you gave a number of details about the eligible loan funds and SCR impacts of this.

It’s about $500,000,000 and $300,000,000 for what it’s worth. Clearly, hell of a lot has changed in the intermittent period with the CSM action and that comment you made about the provision there. But those numbers, would they be sort of half of what they were at the time or maybe not reduced quite that much? Just trying to quantum a tail risk. Thank you.

Francois Varane, Deputy CEO and Group CFO, SCOR: Thank you, Will. So the first question on capital generation. We have a good news this quarter. Let’s look at the good news. We have a very strong capital generation.

It’s coming from the strong performance of the business, mostly from P and C, strong performance also of Life and Health and our Solvency II and strong contribution from the investment portfolio. So we don’t provide the work of the solvency ratio at midyear. You have to wait at the end of the year. So we just give you the own funds in the SCR. If you look at the solvency ratios, are at two ten.

I would say it’s almost in line with the consensus. If you take into account what I’m saying on the strong capital generation, it offset mostly a big FX impact that we see in Q2. You can quantify a little bit this FX impact. We provide the work of the economic value growth, and you see the FX impact or the market variance impact and it’s similar under Solvency II. So it can give you a little bit of flavor.

I don’t want to give you exactly the number of points, but the flavor of the size of the good news on the capital generation side. Is it the right timing to change our assumption? Again, Forward 2026 is a plan where we intend to deploy capital given the excellent margin. What we see in Q2, there is a lag between the peak of the pricing that was probably Jean Paul in 2024, but the margins are just very attractive and very strong since 2023. So you had underwriting year 2023, underwriting year 2024, and we start to see as well to see a little bit the effect of 2025.

So which means under IFRS and Solvency we start to see the peak of those exceptional contribution. So I guess we will see we should see the effect a little bit more in the following quarter. On your second question, on the Telrisk, so on the Telrisk, Telrisk is Telrisk. So we consider it really as extreme Telrisk. Again, remember the statement that we made.

We are very confident in the fact that we are going to win and to be successful on those NATO arbitration. If you want to quantify a little bit, refer to our communication in July 2021, and you saw a little bit the effect in terms of liquidity and in terms of solvency. In terms of liquidity, I just remind you that at the June, we have CHF2.4 billion of liquidity and the definition of liquidity at score in all our KPI, all our dashboard internally and externally, it’s cash, money market funds and short term investments, which means short term treasuries. So we don’t take into account in our definition of liquidity any insurance receivable. So we are confident on the liquidity side.

Financially, a cancellation if we go on the tail risk, the cancellation of the settlement agreement, so the agreement signed in 2021 would be, I would say financially, it would be from a solvency perspective, be relatively or pretty similar to a cancellation of the reinsurance treaties. So the risk that you price one year ago when we discussed this could be the same, the quantum could be the same. And again, what I said a few minutes ago on the provision, it was discussed with our auditors over the last few days. You will see tonight in the Alfier report the amount of the provision after this subsequent event is unchanged. So we consider that even with the new arbitration, our provision is at best estimate under IFRS and Solvency II.

Will Hartgasol, Analyst, UBS: Thank you. That’s helpful.

Thomas Fussard, Head of Investor Relations, SCOR: Thank you, Will. Can we move to the next question please?

Conference Operator: The next question is from Chris Hartwell, Autonomous Research. Please go ahead.

Chris Hartwell, Analyst, Autonomous Research: Good afternoon. Just two quick questions from me, if I may. The first one is on the Life side with new business, CSN, particularly strong again in Q2. I was wondering if can help me understand the underlying growth here and maybe give a little bit more color on where that’s coming from. I think you also mentioned there’s a true up that’s pulling over from Q1.

And I guess also if we sort of look at the half in aggregate, what does this sort of suggest? Or what are you thinking about the targets you gave with the 2026 plan? Mean, does seem that life continues to do particularly well. And second question is on a rather tedious subject of tax unfortunately. But the tax rate again was pretty low in Q2.

And I’m not sure if that’s entirely related at all to the discussions you’ve had before around the DTAs. So I guess if you can help me understand the tax rate and maybe why we’re on the subject of the DTAs, Where are you currently on the plans to increase the utilization of that? Thank you.

Francois Varane, Deputy CEO and Group CFO, SCOR: Thank you, Chris. So on your first question on the new business CSM on the Life and Health side. So we published a new business CSM of EUR 136,000,000 in Q2. There is some true up and also FX impact. So we really invite you to look at the new business CSM over the first six months of the year and not specifically in Q2.

What is happening, and that’s why we are happy, we see a strong business, new business CSM. It’s mainly driven by protection business with some true up in Q2 in respect of Q1. That’s why look again at the first six months and not specifically Q2 versus Q1. So which means on a year to date basis, we have been able especially compared to what we said during the IR Day of December, we have been able to retain more business than we expected at higher margins despite our ongoing discussion with clients, especially regarding what Thierry explained during the Investor Day in December, so especially regarding the implementation of higher return threshold across our protection book. So this is a good news.

We still have access despite the fact that we increased the order. We still have access to good business and with good volume. I remind you, and you don’t see yet the effect, but at least internally, I see the pipeline and I see Jean Philippe and Raymond in the room, who have a very strong pipeline on longevity and financial solution, and we expect to see the generation of new business CSM. But we need a little bit of time to build the team and to build relationship with with the client. But but the pipeline is strong, and you should see soon as well the effect of this in the new in the new business CSM for Life and Health.

So the second question on on tax, We changed a little bit our approach. I think I mentioned this in Q1 compared to last year. To avoid a little bit the volatility, you know that the expected tax rate, especially in France, is computed under the French tax perimeter, so which means under the statutory account of Scoreesi. So we have, for Q1 and Q2, I would say, a more normative approach of the effective tax rate, and we will be closer to the real one at the end of the year. We are at 28% in Q2 versus an assumption of 30% in the plan.

From what I see, it’s not a guarantee, but from what I see, the effective tax rate should improve in the 2025. So I expect an overall effective rate for the group to be a little bit lower compared to what you see in Q2 on a full year basis. And just the translation of action we started to implement at the 2023, in 2024, in 2025, and I still expect to implement the last one early twenty twenty six. So I would say we are on a good path to deliver our strategy to deliver a reduced effective tax rate in the future. But again, the objective was, I remind you, to protect the French DTA and one day to reactivate the amount of DTAs which are not activated on the balance sheet.

I’m pretty confident on this topic. We are on a good track.

Thomas Fussard, Head of Investor Relations, SCOR: Thank you, Chris. Can we move to the next question?

Conference Operator: The next question is from Michael Huttner, Berenberg. Please go ahead.

Thomas Fussard, Head of Investor Relations, SCOR0: Fantastic. Thank you. You’ve answered most of the questions I had, but I have two few from me, but maybe two. Can you explain what I’m dynamic

Francois Varane, Deputy CEO and Group CFO, SCOR: sure you can tell new ones.

Thomas Fussard, Head of Investor Relations, SCOR0: Thank you so much. Thank you, Jake. So dynamic retro, can you explain what that is? It sounds lovely, but if I were to try and explain it to a client or an investor, I’d have to call up some and then my other question is on price adequacy. So clearly, you obviously like U.

S. Nat cat. I mean the growth is strong. I just wondered, can you give us a feel for how you see it? The closest I have is a comment yesterday from one of your very, very small peers that we’re back at $20.23 pricing, which I think is still kind of this is the way they look at the world, so it’s different, 18% above what they would see as kind of the minimum, but I don’t know.

And then my last question was really, we had these two plain incidents. One was a court judgment, one was the very sad crash in India. Is that something which is relevant? Thank you.

Francois Varane, Deputy CEO and Group CFO, SCOR: So three questions for Jean Paul. So Jean Paul, how we explain simply to a client what we mean by strategic buying or acquisition?

Will Hartgasol, Analyst, UBS: It

Jean Paul Connoissezente, P&C CEO, SCOR: means that looking at the pricing environment of retro, the leveraging between proportional and non proportional. That’s that’s that’s what we mean. We buy so we buy proportional treaty with the typically long term investors, long term partners. We buy non proportional reinsurance as well with, you know, usually different different retrocessionaires that tend to be also long term. And depending on the pricing dynamic of of the market, we, you know, have the ability to tune up non proportional and scale back proportional or vice versa.

Thomas Fussard, Head of Investor Relations, SCOR0: Understand. Okay. So my guess is this means that at the moment, because you said in your comments somewhere, non proportional, the pricing is coming down with proportional, the underlying or the primary is holding up, that you’d be buying more non proportional metro?

Jean Paul Connoissezente, P&C CEO, SCOR: No. What what I mentioned that that was on the reinsurance pricing. On on on retro, what we saw this year is the year on year pricing for nonproportional retro is down.

Thomas Fussard, Head of Investor Relations, SCOR1: Mhmm.

Jean Paul Connoissezente, P&C CEO, SCOR: And for proportional, the terms are more or less stable or more favorable to buyers. Cool. You you see in both both of the in both the areas kind of favorable conditions for for buyers.

Shanti Kang, Analyst, Bank of America: Mhmm.

Thomas Fussard, Head of Investor Relations, SCOR0: Thank you.

Jean Paul Connoissezente, P&C CEO, SCOR: On on price adequacy of of of cat business, overall, right now, we see decent price adequacy. We don’t quantify it, or we quantify it internally but don’t share externally, because, you know, this could be used by brokers to push through certain, you know, price decreases. But for for us, you know, we still see decent price adequacy in our cab business globally and in The US. On on your last question regarding the aviation incidents here in India and and and the other one, those remain very small events for for SCOR, and there there’ll be q three events. And, I’m not sure at this stage whether they’ll make the threshold of of a major loss for SCOR, So they’ll be very

Thomas Fussard, Head of Investor Relations, SCOR2: small. Cool.

Thomas Fussard, Head of Investor Relations, SCOR0: Thank you very much.

Thomas Fussard, Head of Investor Relations, SCOR: Thank you, Michael. Can we move to the next question, please?

Conference Operator: The next question is from Hadley Cohen, Morgan Stanley. Please go ahead.

Thomas Fussard, Head of Investor Relations, SCOR2: Hi, thanks very much. A couple of questions, please. First point, I guess, is more of a clarification. So your risk adjustment in P and C increased from $700,000,000 at the year end last year to €1,000,000,000 at the end of the first half, so €300,000,000 increase. Can we infer the majority of that is buffer build based on your earlier comments, please?

And then my second question is around the European Commission’s report on the solvency review, which was published, I think, a couple of weeks ago. I think previously, you’ve guided to around about 10 to 15 points benefit from the solvency review. Is that number still valid? And if that’s the case, can you just remind us please what the offsets are to the benefit that you get from the risk margin, please? Because I think the lower cost of capital and the risk margin is more than that in itself.

So what are the negative offsets that we need to think about as well? Thank you.

Francois Varane, Deputy CEO and Group CFO, SCOR: Thank you, Adler. So your first question so it’s the first way to assess the amount of buffer in Q1 and Q2. So the EUR 300,000,000 that you see, it’s mostly business mix volume and buffer. So you are close to the amount. You have a little bit more than the buffer in the change in evolution, but you are close to the amount.

On your second question, on the upcoming Solvency II reference, so as you said it, so the Commission has just submitted its draft report for consultation. With the rest of the industry, we will answer to this. So the limit is the September 5. Final proposal is expected, I think, in Q3 twenty twenty five. If I look at the impact of SCOR, we cannot yet communicate and quantify publicly the impact.

But mostly, the good news will come for us from the risk margin and the cost of capital. The negative point is, as you can expect, the nonrecognition as of today, I need to change, but the nonrecognition of the contingent capital. So we maintain what we said in the past. So the net effect should be highly positive for SCOR. We maintain the range of ten fifteen points of impact on the solvency ratio, and we will update you in due time closer to the implementation date.

Thomas Fussard, Head of Investor Relations, SCOR: Thank you, Adeline.

Thomas Fussard, Head of Investor Relations, SCOR3: Very much.

Thomas Fussard, Head of Investor Relations, SCOR: We move to the next question, please?

Conference Operator: The next question is from Darius Zekauskas, KBW. Please go ahead.

Thomas Fussard, Head of Investor Relations, SCOR4: Good afternoon. Thank you for taking my questions. The first one is, could you provide some color on why the attritional was so good this quarter? Also any color on the man made losses in the quarter? And secondly, on arbitration, do you have any idea, even if it’s speculation, on why Covia is requesting the arbitration now so close to the outcome?

And could it have anything to do with the emergence of new information or simply a delayed tactic?

Jean Paul Connoissezente, P&C CEO, SCOR: There is, I’ll take the first question on attritional. I think what we’ve seen is that, you know, if I look at the underwriting reason, it’s all the underwriting actions and pricing actions we’ve taken over the past few years. The you know, there have you know, large losses in the in the marketplace, but we haven’t been heavily impacted. And on the on the treaty business, the the low price adequacy is really what’s driving the good attritional performance. So, you know, I I would expect this, as as we see the renewals in in 2025 also from a pricing perspective being very similar to ’24, I would expect this attritional to continue to be quite good over the next few quarters.

Thierry Leger, Group CEO, SCOR: You will remember that two years ago we were talking a lot about the attritional. At the time we were not so happy with the attritional and we were very transparent that we were not satisfied with it and that it would be the first sign of a healthy portfolio once we see the attritional come down. And so now we are where we wanted to be at the time. So we are now really satisfied with the attritional. And the last point I wanted to make on this attritional is it’s very sticky.

So it’s not something that goes away very quickly.

Francois Varane, Deputy CEO and Group CFO, SCOR: On your second question, Darius, as a CFO of the group, don’t like to do speculation or to make speculation or speak. I like to look at facts, and I just want to share with you a few a few facts. Again, we are bound by confidentiality obligation. But if we look at facts, and I invite you to look at facts only. Fact number one, Covera and us, we signed a settlement agreement in June 2021 in the presence of the Vice Chairman of the French regulator, the ACPR, in order to restore peaceful revolution.

It’s public information. Fact number two: In this settlement agreement, Covea and us entered into retrocession treaties on our Life and Health in force portfolio. And in exchange, all parties have withdrawn and waived all existing and future legal action and claims against each other. It’s a fact. Fact number three, as you saw it in our URD published for the year 2022, sixteen months after the signature of the settlement agreement, we, SCOR, initiated an arbitration to request execution of these treaties.

This arbitration, as I mentioned it in my introduction, this arbitration has now reached its final phase with a decision expected in the course of 2026. It’s a fact. Another fact, Fact number four: just filed a request for a new arbitration to cancel the settlement agreement. And fact number five: On top of it, Covera requests that the tribunal in charge of the arbitration and the retrocession treaty defer the proceedings, which should postpone the decision on the current arbitration, which, as I’ve just mentioned, is reaching its final phase by at least two, three years. That’s the fact.

It’s not speculation. It’s not speculation. What can we say now, SCOR? First, as I mentioned it, we will firmly oppose such postponement requests and we will vehemently defend our rights. Like for any other litigation, as we discussed it a few minutes ago, you understand that all our provisions have been booked in accordance with applicable law and are at best estimate under IFRS and Solvency II.

Thierry and I, we discussed this as well at the level of the Board of Directors, we remain very confident on the positive outcome of now the two arbitrations. And of course, these latest developments have no impact on our business and our ability to deliver our Forward 2026 plan. So again, instead of speculation, I just invite you to look at just those facts.

Thomas Fussard, Head of Investor Relations, SCOR4: That’s great. Thank you.

Thomas Fussard, Head of Investor Relations, SCOR: Thank you, Darius. Can we move to the next question, please?

Conference Operator: The next question is from James Schach of Citi. Please go ahead.

Thomas Fussard, Head of Investor Relations, SCOR3: Hi, good afternoon. So I wanted to ask actually about the judicial investigation, the one against the previous chairman that was announced in April 2025 in relation to some comments you made in 2022. So my question really around that is the kind of when can we expect any timing in terms of kind of the net relative announcements. But more importantly, is there any implications for the outcome from that judicial investigation on the arbitration cases, I. E, if it is shown to be that he said something that he shouldn’t have done, that’s factually correct, or whatever, does that have any implication for either of these two arbitrations?

And kind of more broadly, should we be thinking about any DNO cover here, either in relation to both of the arbitration cases or indeed this judicial investigation? So that’s my first question. Secondly, I just want to return to the P and C revenue growth point where you kind of lowered the outlook. I’m sorry to dwell on this, but it’s quite a big change from where you were in April, which is when you spoke to us at Q1. And we’ve really only had the June renewals, which as you point out, is only 14% of book.

And we’ve gone from guidance, and you mentioned low single digit, my understanding was it was mid single digit. So let’s call it 4% to 6% for 2025. We’ve gone from four to 6% to zero for the full year, but not a lot is being renewed in the intervening period. So I’m struggling to make the bridge. So can you just help me understand what has changed since the comments at Q1?

And if I may just squeak in another one, it’s just a clarification really, but just you keep mentioning FX impact being quite a large contributor to solvency development in Q2, But your solvency sensitivities kind of show any minus one point for a 10 change in U. S. Dollar versus euro. So I’m struggling to see where that comes from. Thanks very much.

Francois Varane, Deputy CEO and Group CFO, SCOR: Thanks, James. I will take the first question on when we were placed under investigation, so last April. So again, we are under confidentiality clauses. So take what I say, I mean, with the restriction. Refer to the press release first.

Refer to the press release of April 2024 when we were placed under investigation. The only point of attention on this press release, and it’s important to reiterate this point, so we have been placed under examination in April 2022 for the sole reason that Denis Kesler, at the time when he was no longer the company legal representative, was allegedly involved in some of the acts of which the support association was accused by the judge. So there is no direct implication of scope. So I cannot comment. Now is there a link between this and the new arbitration?

The only thing I can say is that there are two different proceedings, two different authorities, two different trials, and with two different timelines.

Thomas Fussard, Head of Investor Relations, SCOR3: Yeah. And on the DNO cover?

Francois Varane, Deputy CEO and Group CFO, SCOR: No no comment on this one.

Jean Paul Connoissezente, P&C CEO, SCOR: James, on on your question on on revenue outlook, again, when we were in April, there was a number of, don’t if you can call them exceptional, but one off items that happened in q two that we had not foreseen. One was a revision, as mentioned by Francois, revision of our EGPI in agro, which had a strong effect. We had also, as mentioned in the in the presentation, accounting correction for alternative solutions on the SPS side, which, accounts for roughly one point. And, and, also, you know, we had hoped that The US casualty renewals would go better than they than they did. So that that’s really, I think, the the drivers of the of the miss this quarter.

You know, as we as we look at the the outlook for ’26, you know, of course, we’re we’re looking more detail on our assumptions, but this is why we remain probably more optimistic than than we’ve been able to achieve in ’25.

Thomas Fussard, Head of Investor Relations, SCOR3: And just on the FX impact to the solvency, please.

Francois Varane, Deputy CEO and Group CFO, SCOR: So just so the sensitivity of the FX, remind you that we published sensitivity of the solvency ratio to FX. We disclosed as well in the UR the equity and Solvency II sensitivities. What we can add is that we still see a net profit sensitivity of plusminus 10 points deviation of weakening or strengthening of the dollar of, I would say, around minus five, minus six points of the net profit. I see again, where are we now in our journey on FX? Let’s say that the isoglass is half empty or half full.

I’ll let you decide the way you see it. So we started our journey last year. I start to see on my side the effect of the edges we put in place at the 2024 and early twenty twenty five. So I see the contribution of those edges, especially on the solvency ratio. We still need to work a little bit to refine a little bit more the way we compute the sensitivities of the solvency ratio on the Onfans side and as well on the SSSCR side.

We are working on it with our team, the ILM team and Fabian’s team, and I think everything should be done by the end of the year. Again, that is important to reiterate is that this quarter it’s not only a weakening of the dollar, it’s a strengthening of the euro against all the currencies. So it’s a little bit exceptional. Usually, we have plus and minuses compensation effect that we don’t see this quarter. So the effect is big, but it’s the addition of many sensitivities in various currencies versus the euro instead of a high sensitivity only on the dollar.

Thomas Fussard, Head of Investor Relations, SCOR3: Okay. Thank you very much.

Thomas Fussard, Head of Investor Relations, SCOR: Thank you, James. Thank you, James. And we’re gonna take the last question, please.

Conference Operator: The last question is from Vinit Malhotra, Mediobanca. Please go ahead.

Thierry Leger, Group CEO, SCOR: Yes. Good afternoon. I hope

Thomas Fussard, Head of Investor Relations, SCOR1: you can hear me. Thank you. So my first question is, know, Terry, your comments about competition for 2026 picking up and also that the underlying, which is very strong, is likely to be sticky. Can we marry these two commentaries and assume that despite competition, picking up the underlying strength could surprise next year? That’s the first question.

And second question is just on the PML and the North America. I know it’s still smaller than peers, but is this something that was very opportunistic only for Florida, or is it also The Gulf broadly? Is it something that you could further increase next renewals next year? So I’m just curious if there is a shift in, how you view these risks, or is it just a very opportunistic, because, you know, we’re heading into a quiet season kind of move? Thank you.

Thierry Leger, Group CEO, SCOR: Thank you, Vinit. I take the first one and Jean Paul might complete, but definitely take the second one. But as you refer to what I said before, so yeah, I guess competition is up in the sense where the incumbents build capital through strong profit. So that’s the competition that is increasing, it’s about ultimately competing, isn’t it, in our markets is capital availability and the capital is going up, because we create a lot of capital these days as also Skar did. So that’s a reality and more offer obviously creates more competition.

So what is on the other side of the equation is that the demand is going up and I said it, we are in a volatile environment, the geopolitics, climate change, digitization create an environment in which we see an occurrence of large losses on a very regular basis. And I don’t have to remind you that the first half year twenty twenty five was one of the worst in terms of insurable cat losses. So that stands a bit against it, that there is also a strong upward trend in demand. And the last point that goes against the increased competition is that we generally still see strong discipline generally by the reinsurance participants in the market. So you really have to look at those tools, which gives you a bit more of a balanced view and then what really then is very specific to SCOR is our strategy to grow in very specific way in lines where we see less cycle and more stable prices.

Jean Paul, anything you want to add to this first point or then?

Jean Paul Connoissezente, P&C CEO, SCOR: Yeah, the only thing I would add is you have to remember also in the financials that you earn through the previous underwriting years and quarters. So as, you know, we have had very good underwriting years ’23, ’24, ’25, those, you know, will continue to earn through in ’25 and and probably early twenty six. So that’s why I say, you know, we expect the strong attritional to remain for the coming quarters, because it’s really the underwriting years ’24, ’25 that we’re earning through. And

Thierry Leger, Group CEO, SCOR: then they also said and Francois has mentioned it, but we have said it a few times that maybe the market is not as peak anymore as it was in ’24, but it’s still a very attractive overall and definitely on IFRS 17 basis, we’re actually very much in a peak phase.

Jean Paul Connoissezente, P&C CEO, SCOR: On the PML question, again, we’re staying within the framework of forward 2026. There, you know, we said we wanted to remain cautious on on climate effective perils. You know, we have a cap ratio that’s fixed at 10%. So there’s there’s no intention to increase the the cap profile compared to to those assumptions. Here, it was it was more an opportunity that we saw.

Now the growth is not you know, we we did grow a little bit on Florida, but as you know, we last year, we wrote two accounts. This year, we write six accounts. So it’s not a big growth, but it was more overall where we see the attractiveness of the of the business on the growth side and decide to also retain more net.

Thomas Fussard, Head of Investor Relations, SCOR1: Okay. Thank you very much.

Thomas Fussard, Head of Investor Relations, SCOR: Thank you, Vinit. This does conclude the Q and A session for today. So thanks for attending our Q2 twenty twenty five conference call. The IR team remain available for any follow-up questions you may have, so please don’t hesitate to give us a call. At the reminder, SCOR will release its q three twenty twenty five results on Friday, October 31, with a call at 2PM as usual.

Thank you, and have a nice summer.

Thomas Fussard, Head of Investor Relations, SCOR1: Thank you.

Conference Operator: This does conclude today’s call. Thank you for your participation. Ladies and gentlemen, you may now disconnect.

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