SCOR Secures Shareholder Backing with Dividend Hike and Board Refresh

PARIS, FRANCE – April 28, 2026 – Global reinsurer SCOR SE received a powerful vote of confidence from its investors today as its Combined Shareholders’ Meeting concluded with the unanimous approval of all resolutions proposed by the Board of Directors. The meeting, held at the company's Paris headquarters, solidified key financial and governance decisions, including an increased dividend payment and strategic adjustments to its board, positioning the firm to navigate an evolving global reinsurance market.

Shareholders gave their full backing to the company's leadership and financial strategy, a significant signal of stability for the reinsurer which generated EUR 18.7 billion in premiums in 2025. The decisions reflect a company in robust health, balancing generous shareholder returns with prudent preparation for future challenges.

Rewarding Confidence with a Stronger Dividend

A central highlight of the meeting was the approval of a EUR 1.90 dividend per share for the 2025 financial year. This represents a 5.6% increase from the EUR 1.80 paid for the previous year and continues a trend of steady, if not dramatic, annual growth in shareholder returns over the past decade. The ex-dividend date is set for May 4, 2026, with payment to follow on May 6.

This dividend hike is not just a reward for investor loyalty but also a reflection of the strong profitability currently seen across the reinsurance sector. European reinsurers have been reporting record returns on equity, and the industry is flush with capital. While some competitors have opted for more aggressive capital return strategies—Hannover Re, for instance, recently announced a nearly 40% dividend increase—SCOR’s move appears to be a more measured approach. With a payout ratio estimated to be around 38% of earnings, the company is demonstrating a commitment to shareholder value while retaining significant capital to maintain its strong balance sheet and invest in growth.

This balanced strategy is crucial as the market begins to shift. After a period of exceptionally favorable 'hard market' conditions with high premium rates, signs of normalization and increased competition are emerging. By bolstering its dividend without overextending, SCOR signals confidence in its earnings sustainability and underwriting discipline even as pricing pressures begin to mount.

Continuity and Evolution on the Board of Directors

The shareholders' meeting also cemented the composition of the company's leadership for the coming term, blending continuity with fresh perspectives. The terms of office for four existing directors—Adrien Couret, Thierry Léger, Vanessa Marquette, and Augustin de Romanet—were renewed by a large majority, ensuring stability and experience remain at the core of the board's decision-making process.

Simultaneously, the board welcomed two new members, Jacques Aigrain and Jean‑François Lequoy. The appointment of Mr. Aigrain is particularly noteworthy, as he was named an observer to the board in April 2025, suggesting a carefully planned and gradual integration into the company’s governance structure. These new appointments are expected to bring valuable external expertise to help guide SCOR's strategy.

In his remarks, Chairman of the Board Fabrice Brégier thanked outgoing director Thomas Saunier, the representative of Holding Malakoff Humanis, for his significant contributions during his tenure. This smooth transition underscores a focus on deliberate and strategic board evolution, aimed at equipping SCOR with the right mix of skills to address the complex risk landscape, from climate change to cybersecurity.

Embracing a New Era of ESG Accountability

Perhaps one of the most forward-looking decisions of the day was the confirmation of the company's statutory auditors, which included a specific and significant mandate related to sustainability. While PricewaterhouseCoopers Audit was appointed, the renewal of KPMG SA's term came with the explicit responsibility for the certification of sustainability-related information.

This move is a direct response to a seismic shift in corporate reporting standards across Europe and globally. With the implementation of the EU's Corporate Sustainability Reporting Directive (CSRD), large listed companies like SCOR are now required to provide detailed, transparent, and externally audited reports on their environmental and social impacts. By formally tasking KPMG with this assurance role, SCOR is not only ensuring compliance but also enhancing the credibility of its environmental, social, and governance (ESG) disclosures.

For a reinsurer, whose core business is the assessment and management of global risks, this focus is particularly critical. Investors, regulators, and clients are increasingly demanding that companies demonstrate how they are managing climate-related risks and contributing to a more resilient society. Having independently verified sustainability data strengthens SCOR's reputation and provides stakeholders with reliable information to assess its long-term viability and corporate citizenship, a crucial advantage in a market where ESG performance is becoming a key investment criterion.

Navigating a Normalizing Reinsurance Landscape

The unanimous approvals at SCOR's meeting come as the global reinsurance sector stands at an inflection point. The market is transitioning away from the peak hard conditions of recent years, which saw steep rate increases and tight capacity. Now, with capital levels at a record high—totaling over USD 805 billion as of mid-2025—competition is intensifying, particularly from alternative capital sources like catastrophe bonds. This is leading to price softening in certain lines of business, especially for property catastrophe coverage.

Despite this, industry-wide profitability remains strong, and underwriting discipline is expected to hold firm as reinsurers prioritize risk-adjusted returns over pure growth. The challenge for firms like SCOR is to maintain profitability in a more competitive environment while effectively managing emerging risks. Climate change continues to drive record losses from natural disasters, and the threat of large-scale cyber events looms large.

In this context, SCOR’s AGM decisions appear to be a clear strategic response. The stable governance, commitment to ESG transparency, and a robust-yet-prudent dividend policy collectively project an image of a company that is confident, disciplined, and prepared for the next phase of the market cycle. By reinforcing its financial and governance foundations, SCOR has solidified its position to continue applying its 'Art & Science of Risk' in an increasingly complex world.