Scor 1Q Below Our Estimates
Scor reported net income of EUR 131 million for the first quarter 2019. This is below our estimates and this is a poor set of results from this narrow moat business. We maintain our 38.0 fair value estimate and narrow moat rating.Within the non-life division, while the combined ratio is impressive at 94.6% and premiums grew exceptionally, by around 13% at constant rates, this growth has been driven by the United States where we know Scor is tilting more towards natural catastrophe. This quarte...
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