Scor is a high-quality moaty business, based on its dominance in life reinsurance.
Scor delivered first-half 2018 net income of EUR 262 million, slightly below our expectations for the full year. Accounting for the EUR 62 million impact of U.S. tax reform brings the results closer to our estimate, but still a little shy. Growth has been driven by life business in Asia-Pacific, financial solutions, and nonlife renewals. We maintain our narrow moat and stable moat trend ratings, along with our fair value estimate of EUR 38 per share.From a technical perspective, nonlife deliver...
SCOR is a holding company. Through its subsidiaries, Co. is engaged mainly in reinsurance. Its customers are insurers and large corporations. Co. is engaged in life reinsurance through SCOR Global Life SE and non-life reinsurance through SCOR Global P&C SE. In the life reinsurance business, Co. offers reinsurance for individual and group life insurance, long-term care, substandard risks, critical illness and financing products. The non-life reinsurance business comprises traditional reinsurance business; Treaty, Business Solutions, and Specialty Lines. In addition, Co. through SCOR Global Investments SE, manages, directly or indirectly its global investment portfolio.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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