Evaluating SCOR's Corporate Governance and Shareholder Stability: A 2025 Perspective

In the dynamic landscape of European insurance, SCOR SE stands out not only for its underwriting expertise but also for its robust corporate governance framework and stable shareholder structure. As of late 2025, investors seeking clarity on governance alignment and financial resilience will find SCOR's model compelling, with a voting rights structure that adheres to the one-share-one-vote principle and a capital base that demonstrates consistent strength.

Voting Rights Alignment: A Model of Transparency

SCOR's corporate governance is anchored by a straightforward voting rights distribution. As of September 30, 2025, the company reported 179,423,762 shares, each carrying one voting right, ensuring a direct correlation between ownership and governance influence. This structure eliminates disparities in voting power, a critical factor for institutional investors who prioritize equitable representation. Notably, no shares have suspended voting rights, reinforcing transparency. The 2025 Combined Shareholders' Meeting, held on April 29, 2025, further underscored this commitment by addressing governance decisions in an open forum.

The absence of complex voting mechanisms-such as dual-class shares or proxy contests-reinforces SCOR's alignment with shareholder interests. Institutional investors, who collectively hold 15,918,922 shares, as of May 23, 2025, benefit from a governance model that prioritizes simplicity and fairness. This alignment reduces the risk of agency conflicts, a key consideration for long-term investors.

Shareholder Structure: Stability Amid Institutional Dominance

SCOR's ownership structure remains diversified, with no single shareholder holding a controlling stake. As of November 2025, the top institutional holders include CM-CIC Asset Management SA (5.22%) and BNP Paribas, Private & Investment Banking Investments (5.03%). This distribution reflects a mature, institutional investor base typical of European insurers, which often attracts stable, long-term capital.

The company's registered capital of EUR 1,412,842,857.14, backed by 179,391,847 shares as of July 31, 2025, has remained largely unchanged since 2020. While minor fluctuations in ownership are inevitable, no shareholder has acquired more than 5% of the capital during this period. This stability mitigates the risk of sudden shifts in control, a factor that could otherwise disrupt strategic continuity.

SCOR's Board of Directors, comprising 14 members with a focus on independence, further bolsters governance stability. The lack of significant board changes since 2020 underscores a consistent leadership approach, which is critical for maintaining investor confidence in volatile markets.

Capital Base Consistency: A Pillar of Financial Resilience

SCOR's financial health in 2025 is a testament to its disciplined capital management. The Group's solvency ratio, a key metric for insurers, has remained stable at 210% through Q3 2025, within the optimal range of 185%-220%. This resilience is underpinned by a Group Economic Value of EUR 8.5 billion under IFRS 17 as of September 30, 2025-a 12.7% increase at constant economics compared to 2024.

Equally impressive is SCOR's Return on Equity (RoE), which averaged 19.9% in the first nine months of 2025. Quarterly performances, including 22.1% in Q3 and 22.6% in Q2, highlight efficient capital deployment and profitability. These metrics not only meet but exceed industry benchmarks, reinforcing SCOR's ability to generate returns even in a low-growth environment.

Conclusion: A Governance and Capital Model for Long-Term Investors

SCOR's corporate governance and shareholder structure in 2025 present a compelling case for investors prioritizing alignment and stability. The one-share-one-vote principle ensures equitable governance, while the absence of concentrated ownership reduces control risks. Financially, the company's consistent solvency and strong RoE demonstrate a capital base capable of withstanding macroeconomic headwinds.

For investors, SCOR's model offers a rare combination of transparency, institutional support, and financial discipline. As the insurance sector navigates evolving regulatory and market challenges, SCOR's governance and capital resilience position it as a resilient long-term holding.