<p style="text-align: left;" align="center"><strong>By: SCOR</strong></p>

<p style="text-align: left;" align="center"><b>SCOR continued to grow in 2018, </b><b>record a net income of EUR 322 million and </b><b>proposed a dividend of EUR 1.75 per share</b></p>

<p style="text-align: left;" align="center">During a second consecutive year of elevated natural catastrophe activity, SCOR manages to absorb the volatility and is executing its "Vision in Action" strategic plan. The Group is profitably growing its P&C and Life businesses worldwide while providing a strong solvency position. In line with its consistent capital management process and dividend policy, the Group is proposing a dividend of EUR 1.75^{<a href="https://mail.google.com/mail/u/0?ui=2&amp;ik=149781aa93&amp;view=lg&amp;permmsgid=msg-f%3A1626381679704717151&amp;ser=1#m_3783589522335865096_m_4120854404899119121__ftn1" name="m_3783589522335865096_m_4120854404899119121__ftnref1"><u>[1]</u></a>} per share for 2018.</p>

<ul type="disc">

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<div><b>Gross written premiums</b> of EUR 15,258 million in 2018, up 7.1% at constant exchange rates compared to 2017 (+3.2% at current exchange rates). This growth is well balanced between the Life division (+7.3% at constant exchange rates) and the P&C division (+6.7% at constant exchange rates).</div></li>

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<div><b><span lang="EN-GB">SCOR Global P&C </span></b><span lang="EN-GB">delivers strong and managed growth combined with positive technical results despite a high number of natural catastrophes, including several major ones such as Typhoons Jebi and Trami in Japan, Hurricanes Michael and Florence in the U.S., and the wildfires in California. Despite these natural catastrophes, the P&C division's net combined ratio stands at 99.4%.</span></div></li>

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<div><b><span lang="EN-GB">SCOR Global Life</span></b> delivers strong and profitable growth, driven by the successful development of the franchise in Asia-Pacific.</div></li>

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<div><b>SCOR Global Investments </b>delivers a return on invested assets of 2.8%, largely driven by a continuing increase in the income yield. SCOR Global Investments benefitted from realized gains of EUR 87 million from equity sales in Q4 2018.</div></li>

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<div><b>The Group cost ratio</b> is stable at 5.0% of gross written premiums, in line with the "Vision in Action" plan.</div></li>

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<div><b>Group net income</b> is EUR 322 million for 2018, despite the cost of the nat cat events that occurred in Q3 and Q4. The <b>return on equity</b> (ROE) for the year is 5.5%, or 472 bps above the risk-free rate^{<a href="https://mail.google.com/mail/u/0?ui=2&amp;ik=149781aa93&amp;view=lg&amp;permmsgid=msg-f%3A1626381679704717151&amp;ser=1#m_3783589522335865096_m_4120854404899119121__ftn2" name="m_3783589522335865096_m_4120854404899119121__ftnref2"><u>[2]</u></a>}. The normalized^{<a href="https://mail.google.com/mail/u/0?ui=2&amp;ik=149781aa93&amp;view=lg&amp;permmsgid=msg-f%3A1626381679704717151&amp;ser=1#m_3783589522335865096_m_4120854404899119121__ftn3" name="m_3783589522335865096_m_4120854404899119121__ftnref3"><u>[3]</u></a>} return on equity for the year is 9.4%, above the target of 800 bps above the 5-year risk-free rate.</div></li>

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<div><b>Net operating cash flow</b><b>s</b> stand at EUR 891 million as of December 31, 2018, despite significant payments due to the U.S. Tax Reform. SCOR Global P&C provides robust cash flow in line with expectations, while SCOR Global Life provides strong cash flow partially offset in Q4 2018 by U.S. Tax Reform payments, with 2017 benefitting from elevated technical business cash flow from two Financial Solutions transactions.</div></li>

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<div><b>Shareholders' equity</b> stands at EUR 5.8 billion on December 31, 2018, after the net income contribution of EUR 322 million, the payment in May 2018 of EUR 312 million of cash dividends for the year 2017, a decrease of EUR 301 million from revaluation reserve^{<a href="https://mail.google.com/mail/u/0?ui=2&amp;ik=149781aa93&amp;view=lg&amp;permmsgid=msg-f%3A1626381679704717151&amp;ser=1#m_3783589522335865096_m_4120854404899119121__ftn4" name="m_3783589522335865096_m_4120854404899119121__ftnref4"><u>[4]</u></a>}, and a decrease of EUR 194 million from the execution of the share buy-back program. This results in a book value per share of EUR 31.53 at December 31, 2018, compared to EUR 33.01 at December 31, 2017.</div></li>

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<div><b>Financial leverage</b> stands at 27.5% on December 31, 2018.</div></li>

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<div><b>Estimated solvency ratio</b> stands at 215%^{<a href="https://mail.google.com/mail/u/0?ui=2&amp;ik=149781aa93&amp;view=lg&amp;permmsgid=msg-f%3A1626381679704717151&amp;ser=1#m_3783589522335865096_m_4120854404899119121__ftn5" name="m_3783589522335865096_m_4120854404899119121__ftnref5"><u>[5]</u></a>} on December 31, 2018, in the upper part of the optimal solvency range of 185% - 220% as defined in the "Vision in Action" plan.</div></li>

</ul>

The Group announces that it has completed the EUR 200 million <b>share buy-back</b> program. Additionally, it has given a one-off bonus to employees in France and awarded performance shares to involve all its employees worldwide in the Group's success^{<a href="https://mail.google.com/mail/u/0?ui=2&amp;ik=149781aa93&amp;view=lg&amp;permmsgid=msg-f%3A1626381679704717151&amp;ser=1#m_3783589522335865096_m_4120854404899119121__ftn6" name="m_3783589522335865096_m_4120854404899119121__ftnref6"><u>[6]</u></a>}.

The merger of the 3SEs is on track and is expected to be completed in Q1 2019. The solvency capital benefits of this merger are estimated to be around EUR 200 million.

Pursuing its active capital management process and consistent dividend policy, SCOR proposes to the Annual General Meeting a <b>dividend</b> of EUR 1.75 per share for 2018, up from EUR 1.65 in 2017, representing a payout ratio of 100%. The dividend will be subject to approval at the shareholders' Annual General Meeting on April 26, 2019.

<b>Full-Year and Q4 2018 key financial details</b>

<img class="aligncenter size-full wp-image-137839" src="https://www.cover.co.za/wp-content/uploads/2019/02/Screenshot-2019-02-25-at-15.36.30.png" alt="" width="526" height="282" />

<b>Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments</b><i>: </i><i>"In 2018 - a year once again marked by a high level of natural catastrophes - SCOR continues to grow: the Group delivers robust growth and solid recurring profitability, and provides a strong solvency position. For the first time the Group has recorded total gross premiums of more than EUR 15 billion. Alongside a robust solvency ratio, we completed a EUR 200 million share buyback program and awarded shares to all our employees worldwide, while avoiding any dilution for our shareholders. Our shareholder return remains attractive, with a proposed strong dividend of EUR 1.75 for 2018. With our financial rating reaffirmed by all four rating agencies, we are now actively preparing the Group's next strategic plan, which will be presented at the beginning of September. As an independent Tier 1 global reinsurer, SCOR will continue to create value and to be the master of its own destiny."</i><b> </b>

<b>SCOR Global P&C delivers strong and managed growth along with positive technical results despite a high number of natural catastrophes, including several major ones</b>

SCOR Global P&C continues to record strong growth with gross written premiums of EUR 6,175 million, +6.7% at constant FX compared to the same period of last year (+2.5% at current FX). This is in line with the "Vision in Action" growth assumption revised in 2018 to a range of 5% to 8%. The growth mainly comes from U.S. Treaty reinsurance and Specialty insurance.

Despite the high level of natural catastrophes, with a combined ratio of less than 100% the P&C division remains in technical profit for the entire year. The 2018 net combined ratio of 99.4% is impacted by:

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<div>A high frequency and severity of natural catastrophes in Q3 2018 and Q4 2018, across various perils and regions, leading to a YTD cat ratio of 12.6%. The main events being:</div>

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<div>In Japan, Typhoons Jebi (EUR 167 million) and Trami (EUR 31 million);</div></li>

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<div>In the U.S., Hurricanes Michael (EUR 125 million) and Florence (EUR 60 million) and the wildfires in California (Camp Wildfire for EUR 110 million and Woolsey Wildfire for EUR 34 million);</div></li>

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</ul>

Additional smaller natural events amounting to a net impact of EUR 130 million.

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<div>A satisfactory loss and commission to net earned premium ratio - excluding natural catastrophes - of 79.7%, which includes EUR 100 million of reserve releases^{<a href="https://mail.google.com/mail/u/0?ui=2&amp;ik=149781aa93&amp;view=lg&amp;permmsgid=msg-f%3A1626381679704717151&amp;ser=1#m_3783589522335865096_m_4120854404899119121__ftn7" name="m_3783589522335865096_m_4120854404899119121__ftnref7"><u>[7]</u></a>}, equivalent to 1.9 points of net combined ratio.</div></li>

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<div>The commission and expense ratios reflecting the increasing weight of the Specialty insurance business, and the extended perimeter of retrocession.</div></li>

</ul>

The 2018 normalized net combined ratio is 94.7%^{<a href="https://mail.google.com/mail/u/0?ui=2&amp;ik=149781aa93&amp;view=lg&amp;permmsgid=msg-f%3A1626381679704717151&amp;ser=1#m_3783589522335865096_m_4120854404899119121__ftn8" name="m_3783589522335865096_m_4120854404899119121__ftnref8"><u>[8]</u></a>}, below the "Vision in Action" assumption (95%-96%).

SCOR Global P&C key figures:

<img class="aligncenter size-full wp-image-137840" src="https://www.cover.co.za/wp-content/uploads/2019/02/Screenshot-2019-02-25-at-15.36.52.png" alt="" width="537" height="146" />

<b>SCOR Global Life delivers strong profitable growth in 2018, particularly driven by the successful development of the franchise in Asia-Pacific</b>

SCOR Global Life records steady growth in 2018 with gross written premiums of EUR 9,083 million, up 3.6% at current exchange rates compared to 2017 (+7.3% at constant exchange rates). This growth is mainly driven by:

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<div>Strong franchise expansion in Asia-Pacific, achieving a Tier 1 position, with Protection business in the region growing at approximately +34% since 2017;</div></li>

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<div>Solid development of Protection new business in the Americas and EMEA;</div></li>

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<div>Development of the Longevity business in the U.K., with a robust pipeline of opportunities;</div></li>

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<div>Significant growth in Financial Solutions, reflecting strong demand in the U.S. and Asia-Pacific.</div></li>

</ul>

This steady premium growth is in line with the "Vision in Action" assumption of 5-6% over the cycle. Yearly growth rates can fluctuate due to timing of business occurrence between years.

The net technical results remain strong, at EUR 589 million in 2018 (+7.9% at constant FX).

The technical margin of 7.0% in 2018 is in line with "Vision in Action" assumptions:

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<div>Technical Result from the in-force portfolio in line with "Vision in Action" assumptions</div></li>

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<div>Profitability of new business in line with the Group's ROE target</div></li>

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SCOR Global Life key figures:

<img class="aligncenter size-full wp-image-137841" src="https://www.cover.co.za/wp-content/uploads/2019/02/Screenshot-2019-02-25-at-15.37.01.png" alt="" width="543" height="144" />

<b>SCOR Global Investments delivers a strong return on invested assets of 2.8% in 2018, largely driven by a continuing increase in the income yield</b>

Total investments reach EUR 27.2 billion, with total invested assets of EUR 19.1 billion and funds withheld^{<a href="https://mail.google.com/mail/u/0?ui=2&amp;ik=149781aa93&amp;view=lg&amp;permmsgid=msg-f%3A1626381679704717151&amp;ser=1#m_3783589522335865096_m_4120854404899119121__ftn9" name="m_3783589522335865096_m_4120854404899119121__ftnref9"><u>[9]</u></a>} of EUR 8.1 billion.

The portfolio positioning is in line with the "Vision in Action" target asset allocation:

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<div>Liquidity at 5%;</div></li>

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<div>Corporate bonds at 49% (stable vs. Q3 2018);</div></li>

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<div>Fixed income portfolio of very high quality, with an average rating of A+, and a duration at 4.3 years^{<a href="https://mail.google.com/mail/u/0?ui=2&amp;ik=149781aa93&amp;view=lg&amp;permmsgid=msg-f%3A1626381679704717151&amp;ser=1#m_3783589522335865096_m_4120854404899119121__ftn10" name="m_3783589522335865096_m_4120854404899119121__ftnref10"><u>[10]</u></a>}.</div></li>

</ul>

The investment portfolio remains highly liquid, with financial cash flows^{<a href="https://mail.google.com/mail/u/0?ui=2&amp;ik=149781aa93&amp;view=lg&amp;permmsgid=msg-f%3A1626381679704717151&amp;ser=1#m_3783589522335865096_m_4120854404899119121__ftn11" name="m_3783589522335865096_m_4120854404899119121__ftnref11"><u>[11]</u></a>} of EUR 5.4 billion expected over the next 24 months.

Investment income on invested assets stands at EUR 532 million in 2018, benefitting from realized gains of EUR 87 million from equity sales in Q4 2018, generating a return on invested assets of 2.8% in 2018.

This performance is supported by an increase in the income yield, which was 2.6% in Q4 2018 QTD and 2.4% in Q4 2018 YTD.

The reinvestment yield continues to remain above the income yield and is 2.9% at the end of Q4 2018^{<a href="https://mail.google.com/mail/u/0?ui=2&amp;ik=149781aa93&amp;view=lg&amp;permmsgid=msg-f%3A1626381679704717151&amp;ser=1#m_3783589522335865096_m_4120854404899119121__ftn12" name="m_3783589522335865096_m_4120854404899119121__ftnref12"><u>[12]</u></a>}.

Under current market conditions, SCOR Global Investments expects a continuing increase of the income yield at ~2.5% for FY 2019. This would translate into an annualized return on invested assets in the 2.7%-3.0% range for FY 2019.

<i>SCOR Global Investments key figures:</i>

<img class="aligncenter size-full wp-image-137842" src="https://www.cover.co.za/wp-content/uploads/2019/02/Screenshot-2019-02-25-at-15.37.14.png" alt="" width="531" height="321" />