SCOR : The strong discount to book value is unjustified
>Net result lower than expected due to the coronavirus - Scor reported its Q2 2020 net result yesterday, which came in below expectations due to the strong COVID losses. Premium income was € 4,037m in Q2 down 0.3% at constant forex (1e1.1% in P&C, +0.3% in life reinsurance), affected in P&C by the effects of the crisis on certain business lines. The net result was a loss of € 136m in Q2, well below forecasts (consensus and our estimate +€ 20m) and a profit of +€ 26m in...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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