Scor Shs Prov Regpt

Good afternoon, ladies and gentlemen, and welcome to the SCORE Q4 2025 Results Conference Call. Today's call is being recorded. There will be an opportunity to ask questions after the presentation. 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 Fossard. Please go ahead, sir.

Good afternoon, everyone, and welcome to SCORE Q4 2025 Results Conference Call. I'm joined on the call today by Thierry Léger, Group CEO, and Francois De Varenne, Deputy CEO and Group CFO, as well as other COMEX members. As usual, can I please ask you to consider the disclaimer on page two of the presentation. And now I would like to hand over to Thierry.

Thank you, Thomas, and hello, everyone, also from my end. I hope you're doing well, and I thank you for joining SCORE's Q4 earnings call today. SCORE delivered another strong quarter, finishing 2025 on a high note. The group achieved a full-year net income of 846 million euros, the highest level in SCORE's history. The return on equity reached 19.1%. both clearly exceeding group targets. All three businesses contributed to these excellent results, P&C, Life & Health, and Investments, each one delivering quarter after quarter. Our employees executed in a disciplined way on the Forward26 strategic plan. We fully leveraged SCORE's Tier 1 franchise, seeking for every profitable business opportunity. We have continued to grow in a strategic and diversified way. The strong results are also supported by operational excellence and the rigorous cost discipline we established in Forward26. Accordingly, we achieved 170 million euros of savings already after two years, one year ahead of target, allowing us to keep management expenses flat compared to 2023. Let me turn to the 2025 dividend. At year end, our solvency ratio was 215%, an increase of five points compared to 2024 and at the higher end of our target range. The economic value grew by 13.7% at constant economic. outlook is positive for our three businesses, thanks to satisfactory 1-1 renewals and our diversified business model. On the basis of these strong results and confident business outlook, the Group's Executive Committee has decided to propose a dividend of €1.9 per share to the Board of Directors for the financial year 2025, up 5.6% from 1.8 euros per share the previous year. You may recall that the score introduced a new capital management framework in 2023, which includes a dividend ratchet policy. Accordingly, the proposed 1.9 euros dividend per share will set the new floor offering an attractive yield. This demonstrates our ability to create sustainable value and to offer a resilient and predictable dividend to our shareholders. As we are entering the final year of Forward 2026, I would like to take a moment to speak about the significant progress we have made in building a future-ready platform. We have evolved on all four pillars, and I'm confident that we will reach 100% completion rate by the end of 2026. We are already dynamically allocating capital to diversifying and profitable lines of business today, improving value creation and capital generation. In 2026, we will enhance our monitoring and decision-making platform further. We have expanded in-risk partnerships, supporting growth, helping manage the group's risk exposures, and generating additional fees. Future developments in this space will mainly depend on the P&C cycle and the attractiveness of new business. Our ALM has evolved from static to standardized, from fixed asset durations in the past to improve cash flow matching between assets and liabilities today. Improvements in 2026 will introduce a specific ALM data platform, allowing us to move to a dynamic ALM. And finally, in tech and data, we are on a good path to complete our six AI flagship projects. Already in 2026, we have begun applying AI to our core processes and our underwriting. This will be a major strategic area for us in the next strategic plan. And finally, as part of operational excellence, we are enhancing processes, data quality, and systems across the value chain. We expect significant simplifications and efficiency quality gains from this program. Let's turn to the renewals in a more competitive environment SCORE applied a disciplined underwriting approach to the January renewals. Our teams leveraged SCORE's Tier 1 franchise to seek every profitable and diversifying opportunity to be added to our portfolio. As a result, we have been able to grow our business at still attractive prices and terms overall. Growth has been achieved in our target markets and with some core clients where we profited from a flight to quality. We have faced headwinds in some specialty lines, but we remain confident in our ability to grow profitably in these lines of business in the mid and long term. To conclude, for 2026, I'm confident that we will continue to deliver a P&C combined ratio below 87% as per our three-year strategic plan forward 26. In addition, we should be able to continue to build buffers opportunistically. Before handing over to Francois, a few words on what is happening in the Middle East. First of all, our thoughts are with the populations in the impacted countries. We hope that the conflict can be resolved soon. For SCORE, the immediate impact in terms of claims is negligible at this point in time. War is in general excluded from our contracts and where war is covered, Our exposures are clearly limited, monitored, and priced for. Francois, over to you.