Scor Shs Prov Regpt

Good afternoon, ladies and gentlemen, and welcome to the SCORE Q2 2025 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 Fussar. Please go ahead, sir.

Good afternoon, and welcome to SCORE Q2 2025 Results Confirmed School. My name is Thomas Fossard, Head of Investor Relations, and I'm joined today on the call by Thierry Léger, Group CEO, François de Varenne, Deputy CEO and Group CFO, Jean-Paul Condescente, PNC 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.

Thank you, Thomas. Good afternoon, everyone, and thanks for joining the call today. Let me have some high-level remarks on Score's six-month performance before turning to François 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&C, the portfolio is in a very good state, as demonstrated by the excellent underlying nutritional 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 market 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&C market outlook, at SCORE 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 1 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 profits contribution to the group 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 & Health CEO, Philippe Rude, 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&C, looking ahead, I see a strong pipeline of attractive business opportunities in Life & Health. I would like to end my introduction with two numbers. the six-month 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. François, over to you.