Scor : Q3 2025 Results - Presentation

Q3 2025 results

31 October 2025

EUR 217 million net income in Q3 2025

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2025 YTD Performance	3-6
Q3 2025 results	7-17
Appendix	18-53

Agenda

3

9M 2025 results

Insurance revenue

EUR 11.6 billion

Adjusted net income1

EUR 631 million

Adjusted return on equity1,2

19.5%

Management expenses

EUR 921 million

P&C EUR 1,104 million

New business CSM

+4% vs 9M 2024

82.8%

Combined ratio

-4.6pts vs 9M 2024

EUR 701 million

ISR

+29% vs 9M 2024

L&H EUR 294 million

New business CSM3

-21.1% vs 9M 2024

EUR 334 million

ISR4

EUR -467 million in 9M 2024

Investments 3.5%

Return on invested assets5

3.5%

Regular income yield

4 1. Excluding the mark to market impact of the option on own shares. Net income of EUR 642m and RoE of 19.9% taking into account the mark to market impact of the fair value of the option on own shares. 2. Annualized.

3. Includes the CSM on new treaties and change in CSM on existing treaties due to new business (i.e. new business on existing contracts). 4. Insurance Service Result includes revenues on financial contracts reported 4

under IFRS 9. 5. In 9M 2025, fair value through income on invested assets excludes EUR 15m pre-tax related to the option on own shares granted to SCOR.

Strong Group performance

Solvency ratio

Economic Value

EUR bn

Annualized return on equity2

210% 185% - 220%

19.5%

8.6

9.4

8.5

>12%

9M 2025 Optimal range

YE 2024 9M 2025

at constant economics1

9M 2025

9M 2025 Annualized Forward 2026

assumption

5 1. Growth at constant economic assumptions (i.e. adjusted for interest rate changes and FX impacts on shareholders' equity and CSM) as at 31 December 2024 and excluding the mark to market impact of the option on own shares. The starting point is adjusted for the payment of dividend of EUR 1.80 per share (EUR 322 million in total) for the fiscal year 2024, paid on 6 May 2025. 2. Excluding the mark to market impact of the option on own shares.

Delivering in all three business activities in 9M 2025

P&C L&H Investments

Combined ratio

Insurance service result1

(EUR m)

Regular income yield

3.5% 3.3% - 3.7%

82.8%

< 87%

334

∼0.4bn p.a.

9M 2025 Forward 2026

assumption

9M 2025 Forward 2026 assumption

9M 2025 2025

assumption

6 1. Includes revenues on financial contracts reported under IFRS 9.

2025 YTD performance	3-6
Q3 2025 results	7-17
Appendix	18-53

Agenda

7

Key messages

Adjusted net income of EUR 211m1 and RoE of 21.5%1 for the third quarter of 2025

P&C: 80.9% COR with low Nat Cat ratio and continued buffer building strategy

L&H: Insurance service result of EUR 98m in Q3, 9M experience variance in line with expectations

Investments: Return on invested assets of 3.3% and continued attractive reinvestment rate

Economic Value of EUR 8.5bn, +12.7%2 vs YE 2024, driven by P&C economic performance and investments

210% solvency ratio, with seasonally low P&C new business in Q3 and regular dividend accrual

SCOR maintains its successful P&C strategy and underwriting discipline in a competitive environment

8 1. Excluding the mark to market impact of the option on own shares. Net income of EUR 217m and RoE of 22.1% taking into account the mark to market impact of the fair value of the option on own shares. 2. At constant economic assumptions (i.e. adjusted for interest rate and FX impacts on shareholders' equity and CSM) as at 31 December 2024 and excluding the mark to market impact of the option on own shares.

Q3 2025 results

Insurance revenue

EUR 3.7 billion

Adjusted net income1

EUR 211 million

Adjusted return on equity1,2

21.5%

Management expenses

EUR 307 million

P&C EUR 170 million

New business CSM

-3% vs Q3 2024

80.9%

Combined ratio

-7.5pts vs Q3 2024

EUR 255 million

ISR

+60% vs Q3 2024

L&H EUR 82 million

New business CSM3

-29% vs Q3 2024

EUR 98 million

ISR4

EUR -210 million in Q3 2024

Investments 3.3%

Return on invested assets5

3.5%

Regular income yield

9 1. Excluding the mark to market impact of the option on own shares. Net income of EUR 217m and RoE of 22.1% taking into account the mark to market impact of the fair value of the option on own shares. 2. Annualized.

3. Includes the CSM on new treaties and change in CSM on existing treaties due to new business (i.e. new business on existing contracts). 4. Insurance Service Result includes revenues on financial contracts reported 9

under IFRS 9. 5. In Q3 2025, fair value through income on invested assets excludes EUR 8m pre-tax related to the option on own shares granted to SCOR.

P&C: Strategic growth in preferred lines

P&C new business CSM

EUR m, net of retrocession

P&C insurance revenue

EUR m, gross of retrocession

+3.1%

-1.6%

1,067

1,104

175

170

+4%

Insurance revenue growth

1,842 1,899 1,813

496

1,317

522

1,377

+3%

+3%

1,336

Reinsurance

Q3 2024 Q3 2025 9M 2024 9M 2025

SBS1

505

Q3 2024

Q3 2025

constant FX

Q3 2025

current FX

• Q3 2025 new business CSM, including an adverse FX effect of EUR -10m

• 9M 2025 new business CSM reflecting successful P&C strategy to grow into profitable and diversifying lines of business. New business CSM growth mainly driven by volume with broadly unchanged net margin contribution

  Insurance revenue in Q3 2025 at constant FX mainly reflects:

• Growth in Reinsurance, mostly driven by Alternative solutions and specialty lines

• Growth in SBS, mostly driven by Alternative solutions as well as SBS Syndicate, partly offset by reduction in Property

  
  
  

  10 1. SCOR Business Solutions.

  P&C: Excellent COR driven by low Nat Cat losses

  P&C combined ratio P&C insurance service result

  in %

  6.7%

  13.2%

  88.3% 80.9%

  8.2%

  -7.7%

  76.5%

79.2%

2.7%

EUR m

32

267

-53

9 255

Q3 2024

-0.4%

-8.4%

Q3 2025

-0.9%

CSM

amortization

RA release Experience

variance

Impact of onerous

Q3 2025

Insurance

Attributable expense Nat Cat ratio

Effect of onerous contracts

Attritional loss and commission ratio1

Discount effect

and others

contracts

service result

• Nat Cat ratio of 2.7%, reflecting a benign quarter with low Cat activity and translating into a 9M cat ratio of 6.4%

• Attritional loss ratio impacted by man-made losses, but still allowing for additional buffer building

• Attributable expenses ratio of 8.2%, 1.5 pts higher than that of Q3 2024 driven by a lower insurance revenue (FX related)

• Experience variance and others mainly reflecting man-made losses and additional buffer building, partly offset by favorable Nat Cat

  
  
  

  11 1. Excluding the discounting effect on claims.

  L&H: 9M new business CSM and ISR in line with expectations

  IFRS 17 L&H new business CSM1

  EUR m, net of retrocession

  Q3 2025 L&H insurance service result2

  EUR m

  30

  116

  82

  92

  -6

  2

  98

  -20

  294

  Q3 2024 Q3 2025 9M 2025

  CSM

  amortization

  RA release Experience

  variance and others

  Impact of onerous contracts

  Revenues on financial contracts

  Insurance service result

  • New business CSM of EUR 82 million for Q3 2025, driven by Protection and Financial Solutions

  • 9M 2025 new business CSM in line with the Forward 2026 guidance of EUR ~0.4bn p.a.

  • CSM amortization higher than expected. 9M annualized CSM amortization rate of 7.0% excluding one-offs and FX impacts

  • 9M ISR and experience variance both in line with expectations

  • Impact of onerous contracts partly driven by an increase in the risk adjustment and other reserve movements

  
  
  

  12 1. Includes the CSM on new treaties and change in CSM on existing treaties due to new business (i.e. new business on existing contracts). 2. Includes revenues on financial contracts reported under IFRS 9.

  Investments: Regular income yield of 3.5%, reinvestment rate of 4.0%

  Total invested assets as at 30 September 2025

  in %, unrounded

  EUR 23.4 billion invested assets (EUR -0.8bn versus Q4 2024 driven

  Others 6%

  Real estate 3%

  Equity 0%1

  Loans 5% Structured &

  Liquidity 8%

  
  
  

  Cash 7%

  Short-term investments 1%

  by FX) as at 30 September 2025

  EUR 190 million investment income2 on invested assets in Q3 2025

  Regular income yield of 3.5%, stable versus Q3 2024

  Return on invested assets of 3.3%2, c. -70 bps versus Q3 2024

  securitized

  products 2%

  Corporate bonds 44%

  EUR 23.4bn

  o/w Fixed income

  79%

  Government bonds & assimilated 25%

  Covered bonds & agency MBS 7%

  Reinvestment rate3 of 4.0% as at 30 September 2025

  Very high-quality fixed income portfolio (A+ average rating) with a

  duration of 3.9 years

  Highly liquid invested assets portfolio, with financial cash flows4 of

  EUR 8.8 billion expected over the next 24 months

  
  
  

  13 1. Listed equity close to 0%; private equity included in Others. 2. In Q3 2025, fair value through income on invested assets excludes EUR 8m pre-tax related to the option on own shares granted to SCOR. 3. Reinvestment rate is based on Q3 2025 asset allocation of yielding asset classes (fixed income, loans and real estate), according to current reinvestment duration assumptions. Yield curves & Spreads as at 30 September 2025. 4. As at 30 September 2025. Include current cash balances and future coupons and redemptions.

  Liquidity of EUR 2.2 billion

  EUR m Q3 2025	Q3 2024	9M 2025	9M 2024
  Cash and cash equivalents 2,097	1,626	2,391	1,854
  Net cash flows from operations: 459	420	1,005	706
  P&C 466	416	938	806
  L&H -7	4	67	-100
  Net cash flows used in investment -582 activities1	-142	-863	-244
  Net cash flows used in financing 110	-72	-362	-480
  Effect of changes in foreign -34	-8	-123	-12

  opening

  Total cash flow	-48	198	-342	-31
  Cash and cash equivalents at 30 September	2,049	1,824	2,049	1,824

  activities2 exchange rates

  Operating cash flows of EUR 1.0 bn in 9M 2025, reflecting

• Positive P&C operating cash flows, with strong inflows of premium and lower large claims payments

• Positive L&H operating cash flows, improving from last year

Strong Group liquidity of EUR 2.2 billion at end of September 2025

Short-term investments	143	123	143	123
Total liquidity3	2,193	1,947	2,193	1,947

14 1. Investment activities are the acquisition and disposal of assets and other investments not included in cash equivalents. They predominantly include net purchases / disposals of investments; see page 30 for details. 2.

Financing activities are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity. They predominantly include increases in capital, dividends paid by SCOR SE, and

cash generated by the issuance or reimbursement of financial debt. 3. Of which cash and cash equivalents from third parties of EUR 240m. Please refer to page 52 for additional details on 3rd party gross invested Assets as at 30 September 2025.

Economic Value up 12.7% at constant economics in 9M 2025

9M 2025 Economic Value evolution

EUR bn

+12.7%1

1.1

0.4

9.3

8.6

8.3

-0.5

8.5

-0.3

-0.8

4.2

4.1

4.3

4.2

4.5

4.1

4.8

4.5

CSM

net of tax2

IFRS 17

shareholders'

equity

• Strong growth in EV1 mainly driven by P&C and Investment performance

• Unfavorable market variances driven by FX

YE 2024 EV 2024	YE 2024 EV	Business	Investment	Taxes	Q3 2025	Market	Q3 2025
dividend paid	adjusted for	impact	performance3	and other	EV at	variances	EV
	dividend				constant
					economics

15 1. Growth at constant economic assumptions as at 31 December 2024 and excluding the mark to market impact of the option on own shares. The starting point is adjusted for the dividend of EUR 1.80 per share (EUR 322 million in total) for the fiscal year 2024, paid on 6 May 2025. 2. 25% notional tax rate applied on CSM. 3. Includes IFIE.

Economic Value per share at EUR 48 as at 30 September 2025

Economic Value and debt

1 EUR bn

(unless stated otherwise)

YE 2024 Q3 2025

Economic Value per

share

Economic Value1

EUR bn

2.9

3.0

8.6

8.5

EUR 48

EUR 48

8.6

25.7%

24.5%

Financial leverage2

3.0

2.9

Subordinated debt

8.5

YE 2024 Q3 2025

Subordinated debt Economic Value

16 1. 25% notional tax rate applied on CSM. 2. The leverage ratio is calculated as the percentage of subordinated debt compared to the sum of Economic Value and subordinated debt in IFRS 17. The calculation excludes accrued interest and includes the effects of swaps related to some subordinated debt issuances.

Investor Relations contacts and upcoming events

Q1 2026 results

6 May 2026

Q4 2025 results

4 March 2026

Upcoming SCOR events

SCOR attendance at investor conferences

UBS

European Conference

12 November 2025

J.P. Morgan European Financials Conference

21 November 2025

ODDO BHF Forum

8 January 2026

Citi European Insurance Conference

15 January 2026

Investor relations contacts

Thomas Fossard

Head of Investor Relations [e-mail]

[phone]

Cyril Durand

Investor Relations Manager [e-mail]

+ 33 6 87 86 75 50

Omar El Jal

Investor Relations Analyst [e-mail]

[phone]

[e-mail]

17

2025 YTD performance	3-6
Q3 2025 results	7-17
Appendix	18-54

Agenda

18

Appendix

1. P&L

2. Balance sheet & cash flow

3. Calculation of EPS, book value per share and RoE

4. Expenses

5. P&C

6. Investments

7. Debt

8. Rating evolution

9. Listing information

10. Glossary

19

Group

Appendix A: Financial details, Q3 2025

EUR m (rounded)	Q3 2025	Q3 2024	Variation at current FX	Variation at constant FX
Gross written premiums	4,571	4,985	-8.3%	-3.9%
Insurance revenue	3,713	3,944	-5.8%	-1.3%
Net insurance revenue	2,913	2,884	1.0%
Insurance service result	353	-51	n.a.
Net income1	211	-117	n.a.
Management expenses	-307	-291	-5.3%
Investment income on invested assets	190	229	-17.0%
Return on invested assets	3.3%	4.0%	-0.7 pts
Annualized RoE1	21.5%	-10.3%	31.8 pts
Shareholders' equity	4,335	4,322	0.3%
Economic Value	8,536	8,399	1.6%
Economic Value growth	n.a.	n.a.	n.a.
Economic Value per share (EUR)	48.12	46.80	2.8%
Operating cash flow	459	420	9.3%
New business CSM	170	175	-3.2%
Gross written premiums	2,328	2,495	-6.7%	-2.3%
Insurance revenue	1,813	1,842	-1.6%	-1.3%
Combined ratio	80.9%	88.3%	-7.5 pts
New business CSM2	82	116	-28.7%
Gross written premiums	2,243	2,490	-9.9%	-5.6%
Insurance revenue	1,900	2,102	-9.6%	-5.2%
Insurance service result3	98	-210	n.a.

L&H

P&C

1. 1. Excluding the mark to market impact of the option on own shares. Q3 2025 net income of EUR 217m and RoE of 22.1% taking into account the mark to market impact of the fair value of the option on own shares.

   1. Includes the CSM on new treaties and change in CSM on existing treaties due to new business (i.e. new business on existing contracts). 3. Including revenues associated with financial reinsurance contracts.

      Group

      Appendix A: Financial details, 9M 2025

      EUR m (rounded)	9M 2025	9M 2024	Variation at current FX	Variation at constant FX
      Gross written premiums	14,140	15,015	-5.8%	-3.9%
      Insurance revenue	11,596	12,142	-4.5%	-2.7%
      Net insurance revenue	9,097	9,412	-3.3%
      Insurance service result	1,035	75	n.a.
      Net income1	631	-224	n.a.
      Management expenses	-921	-903	-1.9%
      Investment income on invested assets	626	605	3.4%
      Return on invested assets	3.5%	3.5%	0.0 pts
      Annualized RoE1	19.5%	-6.6%	26.1 pts
      Shareholders' equity	4,335	4,322	0.3%
      Economic Value	8,536	8,399	1.6%
      Economic Value growth	12.7%	-7.0%	n.a.
      Economic Value per share (EUR)	48.12	46.80	2.8%
      Operating cash flow	1,005	706	42.3%
      New business CSM	1,104	1,067	3.5%
      Gross written premiums	7,087	7,360	-3.7%	-1.8%
      Insurance revenue	5,504	5,710	-3.6%	-1.6%
      Combined ratio	82.8%	87.4%	-4.6 pts
      New business CSM2	294	373	-21.1%
      Gross written premiums	7,053	7,654	-7.9%	-6.0%
      Insurance revenue	6,091	6,432	-5.3%	-3.8%
      Insurance service result3	334	-467	n.a.

      
      
      

      L&H

      P&C

2. 1. Excluding the mark to market impact of the option on own shares. 9M 2025 net income of EUR 642m and RoE of 19.9% taking into account the mark to market impact of the fair value of the option on own shares.

   1. Includes the CSM on new treaties and change in CSM on existing treaties due to new business (i.e. new business on existing contracts). 3. Including revenues associated with financial reinsurance contracts.

Appendix A: Consolidated statement of income, Q3 2025

	EUR m (rounded)	Q3 2025	Q3 2024
	Insurance revenue	3,713	3,944
	Insurance service expenses	-3,139	-3,574
	Gross insurance service result 574 370
	Ceded insurance revenue	-800	-1,060
	Ceded insurance service expenses	576	636
	Ceded insurance service result (reinsurance result) -223 -423
	Net revenues associated with financial reinsurance contracts	2	2
	Insurance service result incl. revenues associated with financial reinsurance contracts 353 -51
	Insurance finance income and expenses	-108	-113
	Other income and expenses	14	5
	Investment income1224 269
	Interest revenue financial assets not measured FVTPL	195	209
	Other investment revenue	42	66
	Net impairment losses	-12	-6
	Share attributable to third party interests in consolidated funds	-25	-34
	Investment management expenses	-17	-17
	Other non-attributable expenses	-126	-110
	Other operating income and expenses	-2	-1
	Operating results before impact of acquisitions 313 -53
	Acquisition-related expenses	0	0
	Gain on bargain purchase	0	0
	Operating results 313 -53
	Financing expenses	-32	-26
	Share in results of associates	0	-1
	Corporate income tax	-64	-35
	Consolidated net income1 217 -115
	of which non-controlling interests	0	1
	Consolidated net income1, Group share	217	-117
22	1. Taking into account the mark to market impact of the option on own shares. Q3 2025 impact of EUR 8 million before tax.

Appendix A: Consolidated statement of income, 9M 2025

	EUR m (rounded)	9M 2025	9M 2024
	Insurance revenue	11,596	12,142
	Insurance service expenses	-9,903	-11,403
	Gross insurance service result 1,693 739
	Ceded insurance revenue	-2,498	-2,730
	Ceded insurance service expenses	1,832	2,058
	Ceded insurance service result (reinsurance result) -666 -672
	Net revenues associated with financial reinsurance contracts	9	7
	Insurance service result incl. revenues associated with financial reinsurance contracts 1,035 75
	Insurance finance income and expenses	-340	-284
	Other income and expenses	38	6
	Investment income1704 681
	Interest revenue financial assets not measured FVTPL	603	619
	Other investment revenue	131	110
	Net impairment losses	-30	-49
	Share attributable to third party interests in consolidated funds	-68	-88
	Investment management expenses	-59	-50
	Other non-attributable expenses	-325	-331
	Other operating income and expenses	-8	-2
	Operating results before impact of acquisitions 978 7
	Acquisition-related expenses	0	0
	Gain on bargain purchase	0	0
	Operating results 978 7
	Financing expenses	-98	-80
	Share in results of associates	0	-4
	Corporate income tax	-238	-152
	Consolidated net income1 642 -228
	of which non-controlling interests	0	0
	Consolidated net income1, Group share	642	-229
23	1. Taking into account the mark to market impact of the option on own shares. 9M 2025 impact of EUR 15 million before tax.

Appendix A: Consolidated operating results by segment, Q3 2025

		Q3 2025			Q3 2024
EUR m (rounded) L&H		P&C	Total	L&H	P&C	Total
Gross insurance revenue 1,900		1,813	3,713	2,102	1,842	3,944
Gross insurance service expense -1,814		-1,325	-3,139	-2,133	-1,441	-3,574
Gross insurance service result	86	488	574	-31	401	370
Ceded insurance revenue	-318	-482	-800	-575	-484	-1,060
Ceded insurance service expense	327	249	576	394	242	636
Ceded insurance service result (reinsurance result)	10	-233	-223	-181	-242	-423
Net revenues associated with financial reinsurance contracts	2	0	2	2	0	2
Insurance service result incl. revenues associated with financial reinsurance contracts	98	255	353	-210	159	-51
Insurance finance income and expenses	1	-110	-108	7	-120	-113
Other income and expenses			14			5
Investment income1			224			269
Share attributable to third party interests in consolidated funds			-25			-34
Investment management expenses			-17			-17
Other non-attributable expenses			-126			-110
Other operating income and expenses			-2			-1
Operating results before impact of acquisitions			313			-53

24 1. Taking into account the mark to market impact of the option on own shares. Q3 2025 impact of EUR 8 million before tax.

Appendix A: Consolidated operating results by segment, 9M 2025

		9M 2025			9M 2024
EUR m (rounded) L&H		P&C	Total	L&H	P&C	Total
Gross insurance revenue 6,091		5,504	11,596	6,432	5,710	12,142
Gross insurance service expense -5,785		-4,118	-9,903	-6,836	-4,567	-11,403
Gross insurance service result	306	1,387	1,693	-404	1,143	739
Ceded insurance revenue	-1,070	-1,428	-2,498	-1,316	-1,414	-2,730
Ceded insurance service expense	1,090	743	1,832	1,246	812	2,058
Ceded insurance service result (reinsurance result)	20	-686	-666	-70	-601	-672
Net revenues associated with financial reinsurance contracts	9	0	9	7	0	7
Insurance service result incl. revenues associated with financial reinsurance contracts	334	701	1,035	-467	542	75
Insurance finance income and expenses	4	-344	-340	15	-299	-284
Other income and expenses			38			6
Investment income1			704			681
Share attributable to third party interests in consolidated funds			-68			-88
Investment management expenses			-59			-50
Other non-attributable expenses			-325			-331
Other operating income and expenses			-8			-2
Operating results before impact of acquisitions			978			7

25 1. Taking into account the mark to market impact of the option on own shares. 9M 2025 impact of EUR 15 million before tax.

Appendix B: Consolidated balance sheet - Assets

EUR m (rounded) Q3 2025 YE 2024

Goodwill arising from insurance activities	802	802
Goodwill arising from non-insurance activities	82	82
Insurance business investments	23,961	24,283

Real estate investments	695	692
Investments at fair value through other comprehensive income	19,646	19,964
Investments at fair value through profit and loss	1,457	1,452
Investments at amortized cost	1,877	1,973
Derivative instruments	285	202

Investments in associates	2	2
Insurance contract assets (assumed business)	2,242	2,544
Reinsurance contracts assets (retrocession)	3,752	4,281
Other assets	2,447	2,963

Deferred tax assets	881	1,141
Taxes receivable	127	276
Miscellaneous assets1	1,435	1,542
Deposits	4	6

Cash and cash equivalents 2,049 2,391

Total assets 35,335 37,348

26 1. Include other intangible assets, tangible assets and other assets.

Appendix B: Consolidated balance sheet - Liabilities & shareholders' equity

EUR m (rounded) Q3 2025 YE 2024

Group shareholders' equity 4,335 4,524

Non-controlling interest 0 0

Total shareholders' equity	4,335	4,524
Financial debt	3,641	3,558

Subordinated debt	3,022	2,947
Real estate financing	457	464
Other financial debt	163	147

Employee benefits and other provisions	73	76
Insurance contract liabilities (assumed business)	21,546	23,114
Reinsurance contracts liabilities (retrocession)	2,122	2,430
Investment and financial contract liabilities	0	0
Other liabilities	3,618	3,645

Derivative instruments	109	75
Deferred tax liabilities	511	535
Taxes payable	152	275
Miscellaneous liabilities	788	629
Third party interests in consolidated funds	2,059	2,131
Total shareholders' equity & liabilities	35,335	37,348

27

Appendix B: Consolidated statements of cash flows, Q3 2025

EUR m (rounded) Q3 2025 Q3 2024

Cash and cash equivalents at the beginning of the period 2,097 1,626

Net cash flows in respect of operations 459 420

Cash flow in respect of changes in scope of consolidation	0	-38
Cash flow in respect of acquisitions and sale of financial assets	-573	-95
Cash flow in respect of acquisitions and disposals of tangible and intangible fixed assets	-9	-8
Net cash flows in respect of investing activities -582 -142
Transactions on treasury shares and issuance of equity instruments	-24	-3
Dividends paid	0	0
Cash flows in respect of shareholder transactions	-24	-3
Cash related to issue or reimbursement of financial debt	179	-14
Interest paid on financial debt	-18	-30
Other cash flow from financing activities	-27	-26
Cash flows in respect of financing activities	134	-69

Net cash flows in respect of financing activities	110	-72
Effect of changes in foreign exchange rates	-34	-8
Cash and cash equivalents at the end of the period	2,049	1,824

28

Appendix B: Consolidated statements of cash flows, 9M 2025

EUR m (rounded) 9M 2025 9M 2024

Cash and cash equivalents at the beginning of the period	2,391	1,854
Net cash flows in respect of operations	1,005	706

Cash flow in respect of changes in scope of consolidation	0	-38
Cash flow in respect of acquisitions and sale of financial assets	-845	-207
Cash flow in respect of acquisitions and disposals of tangible and intangible fixed assets	-17	1
Net cash flows in respect of investing activities -863 -244
Transactions on treasury shares and issuance of equity instruments	-47	-13
Dividends paid	-322	-324
Cash flows in respect of shareholder transactions	-369	-338
Cash related to issue or reimbursement of financial debt	153	-31
Interest paid on financial debt	-95	-90
Other cash flow from financing activities	-51	-21
Cash flows in respect of financing activities	7	-142

Net cash flows in respect of financing activities	-362	-480
Effect of changes in foreign exchange rates	-123	-12
Cash and cash equivalents at the end of the period	2,049	1,824

29

Appendix B: CSM and shareholders' equity evolutions

CSM roll-forward		9M 2025
EUR m, net of retrocession (rounded)	L&H	P&C	Total
Net opening CSM	5,011	444	5,454
New business CSM1	294	1,104	1,398
CSM amortization	-282	-807	-1,089
Interest accretion	91	47	138
Change in operating assumptions	49	48	97
Change in economic assumptions and other	-337	-60	-397
Net closing CSM	4,826	776	5,602
Deferred tax2	-1,206	-194	-1,400
Net closing CSM, net of tax	3,619	582	4,201
Shareholders' equity roll-forward	9M 2025
EUR m
Opening shareholders' equity (YE 2024)3	4,524
Net income4	642
Revaluation reserves movements	438
Currency translation adjustment	-745
Other	-203
Closing shareholders' equity (Q3 2025)4 before dividend	4,657
Dividend distributed	-322
Closing shareholders' equity (Q3 2025)4	4,335

30 1. L&H new business CSM includes the CSM on new treaties and change in CSM on existing treaties due to new business (i.e. new business on existing contracts). 2. 25% notional tax rate applied on CSM. 3. Includes minorities interests. 4. Taking into account the mark to market impact of the option on own shares. 9M 2025 impact of EUR 15 million before tax.