Disappointing Full-Year 2017 for Scor; Results Do Not Represent Business Quality and Potential
Scor reported a poor set of results for full-year 2017. While we will reflect 2017 full-year results and roll our model, we don’t expect a major shift in our fair value estimate. We also maintain our narrow moat and stable moat trend ratings.The business keeps growing at an impressive rate, with premiums up at constant rates of almost 9% at constant-currency exchange rates. This is balanced across segments of life and nonlife. But as we noted earlier, the expansion into the southern U.S. states...
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