Scor Shs Prov Regpt

Good afternoon, ladies and gentlemen, and welcome to the SCORE second quarter 2026 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 Q2 2026 results conference call. I'm joined on the call today by Thierry Leger, Group CEO, and Philippe Ruede, Group CFO, as well by the other COMEX member. 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. Hello, everyone, and thanks for joining us today. We are pleased to report a strong and clean set of results in the second quarter and for the first six months of the year. Group net income reached €409 million in the first half, corresponding to an annualized return on equity of 19%. Our balance sheet resilience has grown with a solvency ratio of 220% up 5 points compared to the year end 2025. The underlying capital generation is in line with our 2026 guidance, reflecting the solid performance of all our activities. We also had some additional positives during the first half, including the benign cat activity and further ALM refinements. These allowed us to add resilience to the balance sheet and lower our debt leverage. Turning to our three businesses, P&C continued its strong performance, delivering a combined ratio of below 80% in the first half. This is supported by a relatively benign CAT activity and an excellent attritional loss ratio, demonstrating the quality of our well-diversified P&C portfolio. Our strategy to grow in diversifying lines of business is paying off. At the mid-year renewals, SCORE applied disciplined underwriting in a competitive environment, allowing us to preserve our technical margin with a limited two percentage points underwriting ratio increase, whilst still finding attractive opportunities to grow our P&C treaty portfolio by 3.2% As in previous renewals, growth was mainly driven by our preferred and diversifying lines of business, whilst we remained very cautious in U.S. casualty. In addition, premiums in alternative solutions grew by more than 70%, demonstrating the strength of our teams and franchise in that segment. Before moving on to life and health, I would like to say a few words regarding the NETCAT events that are ongoing at this moment. Europe and Canada are experiencing devastating wildfires. Japan just had a magnitude 6.8 earthquake on Tuesday night. First of all, our thoughts are with the people, the businesses and intervention teams impacted. As these events are still developing, it remains too early to assess the ultimate loss impact. However, at this point in time, we think that the impact on score will be relatively modest. Turning to life and health, the insurance service result stands at 157 million euro over the first six months. This includes the negative 64 million one-off arbitration impact. Since the Life and Health Reset in 2024, we have now performed six quotas in a row in line with our expectations, further building our confidence in the quality of our Life and Health portfolio and assumptions. We are satisfied with the new business production in Life and Health at €216 million of CSM. This was mainly driven by protections, but our FinSol Financial Solutions and Longevity Pipeline is growing, positioning us well for the second half of the year. Our teams remain highly active, building a solid flow of opportunities across traditional and structured solutions, leveraging scores, franchise, and expertise in life and health across the globe. Lastly, investments continue to provide a stable and positive contribution to group earnings. Based on this strong set of results for the first half year, I see SCORE well positioned to achieve our targets for the last year of our three-year strategic plan Forward 2026. Philippe, over to you.