Scor SE

Earnings Release • Apr 30, 2014

The SCOR Global P&C 1 April renewals lead to premium growth of 8.5% with expected profitability well within targets

SCOR Global P&C (SGPC) records premium growth of 8.5% at constant exchange rates with regard to the EUR 318 million of premiums up for renewal at 1 April 2014.

The premiums up for renewal at 1 April represent around 10% of the total annual volume of treaty premiums, with the main countries renewing being Japan, India and the US.

SGPC confirms its leading position in key markets such as Japan and India, achieving strong premium growth and overall expected profitability well within targets.

The premium income growth bears witness to the depth and breadth of the SGPC franchise in Asia-Pacific, both in mature and emerging economies, globally across Treaty P&C business and Treaty Specialty lines:

• in Japan, SCOR Global P&C manages to maintain the stability of its P&C Treaty book of business in an otherwise shrinking reinsurance market, characterized by reduced cession levels and the unification of reinsurance programmes following mergers and acquisitions;
• in India, SCOR Global P&C reaps the fruits of a strong presence on this market, providing a full range of services and engaging in genuine partnerships with cedants. This enables SGPC to seize meaningful opportunities generally speaking, and more specifically in Specialty lines such as Agriculture, Credit & Surety.

The expected technical performance measured in terms of gross underwriting ratio deteriorates by just under 2 percentage points compared to April 2013, while return on allocated capital deteriorates by just under 3 percentage points. The expected profitability trend observed in April 2014 is largely driven by the Japanese market, where non-proportional prices in the Property CAT segment have returned to their pre-Tohoku (2011) levels. Excluding the price reductions affecting the non-proportional Property CAT segments, the overall price level is broadly stable.

Looking at the January to April 2014 period versus the same period in 2013, the expected gross underwriting ratio increases by 1 percentage point, while the net underwriting ratio is expected to benefit from savings achieved in the retrocession programme, as announced in January. The return on allocated capital is nearly stable. The expected profitability of the overall book renewed in April remains well within SGPC targets. Given that profit levels of the April and later renewals tend to be higher than in January, these April renewals contribute to improving the 2014 profitability expectation.

Overall, SGPC benefits from the composition of its book of business, with 72% of the premiums renewed in April 2014 relating to proportional business, which benefits from sound and generally improving primary insurance trends. As a result of this, the risk-adjusted price reduction is contained at 2.7% overall. A small increase in proportional reinsurance prices (+ 0.3%) partly compensates an 8.3% reduction on non-proportional segments, especially in Property CAT.

SCOR SE 5, avenue Kléber 75795 Paris Cedex 16 France Tél + 33 (0) 1 58 44 70 00 Fax + 33 (0) 1 58 44 85 00 www.scor.com RCS Paris B 562 033 357 Siret 562 033 357 00046 Société Européenne au capital de 1 512 224 741,93 euros

For more information, please contact: Géraldine Fontaine +33 (0) 1 58 44 75 58 Group Communications

Investor Relations

Antonio Moretti +33 (0) 1 58 44 77 15

The premiums up for renewal at 1 April are distributed between P&C Treaties (68%) and Specialty Treaties (32%), in three geographical areas: Asia (61%), the Americas (30%) and EMEA (9%). The main business line developments at the April 2014 renewals are as follows:

• for P&C Treaties: gross premiums increase by 3% at constant exchange rates, to EUR 236 million, thanks to SGPC's strong franchise in Japan ;
• for Specialty Treaties: gross premiums increase by 23% at constant exchange rates, to EUR 109 million, mainly driven by positive business developments in the Agriculture and Credit segments, thanks to the further opening of the markets in India and in China.

Victor Peignet, CEO of SCOR Global P&C, comments: "Thanks to its strong franchise in the Asia-Pacific region, SCOR Global P&C has successfully managed the April 2014 renewals. Through its strong presence in Specialty lines and its proximity to key clients, SGPC has proven its ability to materialize sizeable opportunities of profitable diversification.The contained overall price reduction, to a level that is still consistent with our profitability assumptions, demonstrates the competitive advantage of having a broad and diversified business platform, based on longstanding client relationships. On the back of these strong renewals, we reiterate the "Optimal Dynamics" three-year assumption of a 93%-94% net combined ratio and annual premium growth assumption of around 8.5% over the period."

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SCOR SE 5, avenue Kléber 75795 Paris Cedex 16 France Tél + 33 (0) 1 58 44 70 00 Fax + 33 (0) 1 58 44 85 00 www.scor.com RCS Paris B 562 033 357 Siret 562 033 357 00046 Société Européenne au capital de 1 512 224 741,93 euros

Press Release (p.3/3) 30 April 2014 N° 15 – 2014

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.

Please refer to SCOR's Document de référence filed with the AMF on 05 March 2014 under number D. 14-0117 (the "Document de référence"), for a description of certain important factors, risks and uncertainties that may affect the business of the SCOR Group. As a result of the extreme and unprecedented volatility and disruption of the current global financial crisis, SCOR is exposed to significant financial, capital market and other risks, including movements in interest rates, credit spreads, equity prices, and currency movements, changes in rating agency policies or practices, and the lowering or loss of financial strength or other ratings.

The Group's financial information is prepared on the basis of IFRS and interpretations issued and approved by the European Union. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 "Interim Financial Reporting".

SCOR SE 5, avenue Kléber 75795 Paris Cedex 16 France Tél + 33 (0) 1 58 44 70 00 Fax + 33 (0) 1 58 44 85 00 www.scor.com RCS Paris B 562 033 357 Siret 562 033 357 00046 Société Européenne au capital de 1 512 224 741,93 euros