SCOR

January 2019 P&C Renewal Results - Seite 2

Beyond the six losses that received wide media coverage (two hurricanes in the U.S., two typhoons in Japan and two wildfires in California), the market has been impacted by a large number of smaller but still significant events all over the world. This unusual loss profile, with a high frequency of medium to high severity losses, has always been monitored by SCOR's Enterprise Risk Management system and stands within our risk appetite as an earnings event.

For SCOR Global P&C, whilst the burden from nat cat losses for the full year 2018 is expected to be in the range of twice the annual budget (of 6 points of net combined ratio)^[1], the forecast is that the 2018 net combined ratio will nevertheless be below 100%.

Victor Peignet, CEO of SCOR Global P&C, comments: "SCOR starts 2019 with strong January renewals, after having successfully renewed its capital shield back in fall 2018. Clients want to increase the business they conduct with SCOR; they value our client-focused strategy, strong ratings, and technical expertise. Thus we can grow premiums at the high end of the "Vision in Action" range, without sacrificing profitability. We expect favorable market conditions to be more pronounced through the spring/summer 2019 renewals."

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Upcoming Events
2018 Annual Results	February 20, 2019
Q1 2019 Earnings Release	April 26, 2019
Annual General Meeting	April 26, 2019

Contact details
Marie-Laurence Bouchon
Group Head of Communications
[phone]
[e-mail]

Ian Kelly
Head of Investor Relations
[phone]
[e-mail]

www.scor.com

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Forward-looking statements

SCOR does not communicate "profit forecasts" in the sense of Article 2 of (EC) Regulation n°809/2004 of the European Commission. Thus, any forward-looking statements contained in this communication should not be held as corresponding to such profit forecasts. Information in this communication may include "forward-looking statements", including but not limited to statements that are predictions of or indicate future events, trends, plans or objectives, based on certain assumptions and include any statement which does not directly relate to a historical fact or current fact. Forward-looking statements are typically identified by words or phrases such as, without limitation, "anticipate", "assume", "believe", "continue", "estimate", "expect", "foresee", "intend", "may increase" and "may fluctuate" and similar expressions or by future or conditional verbs such as, without limitations, "will", "should", "would" and "could." Undue reliance should not be placed on such statements, because, by their nature, they are subject to known and unknown risks, uncertainties and other factors, which may cause actual results, on the one hand, to differ from any results expressed or implied by the present communication, on the other hand.