reports
- Henry Heathfield
- CFA
Scor's 1Q 2018 Better Shows the Quality of the Business
Scor reported net income of EUR 166 million for first-quarter 2018. The business continues to demonstrate its dominant position within life reinsurance, as this unit posted a near 15% increase in gross premiums. We still think this is one of the best competitively placed reinsurance companies. Solvency remains strong, and we are maintaining our EUR 38 fair value estimate, along with our narrow moat and stable moat trend ratings. Financial leverage is still a little high for the business, and we ...
- Henry Heathfield
- CFA
Scor has a narrow moat because of its life reinsurance.
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. stat...
- Henry Heathfield
- CFA
Disappointing Full-Year 2017 for Scor; Results Do Not Represent Busine...
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. stat...
- Henry Heathfield
- CFA
Scor Reports Net Loss on the Back of Natural Catastrophes
Scor reported a net loss of EUR 267 million in the third quarter and a net loss of EUR 25 million for the first nine months. The loss was predominantly caused by the natural catastrophes of 2017: hurricanes Harvey, Irma, and Maria, and the earthquake in Mexico. However, while we believe this is a big event year, relative to market conditions, it will not be enough to prompt the significant hardening the market has been waiting for. And though we will see price increases, they will be more muted ...
- Henry Heathfield
- CFA
Scor Reports In-Line First-Half Results
Scor reported first-half 2017 net income of EUR 292 million, slightly below our expectations. However, accounting for the EUR 116 million Ogden charge incurred earlier in the year, the results are in line with our expectations. Solvency II remains ahead of the business’s targeted range at 226%. We maintain our EUR 34 fair value estimate and narrow economic moat rating. Scor Global Life's technical margin remains stable at 7.1%, and the 12% rise in gross premiums on a constant basis is due to g...
- Henry Heathfield
- CFA
Scor's life reinsurance is a source of a narrow moat, and we believe t...
SCOR reported first-quarter results of EUR 140 million, slightly below our expectations. But excluding the EUR 116 million Ogden discount rate impact, underlying results were slightly ahead of our forecasts. Solvency II remains ahead of the targeted 185%-220% range. We will maintain our EUR 34 fair value estimate and narrow-moat rating. SCOR Global Life continues to focus on the Asia-Pacific region, having opened a new office in Tokyo as well is growing its Longevity insurance line. Combined wit...
- Henry Heathfield
- CFA
SCOR Reports Stable 1Q Results
SCOR reported first-quarter results of EUR 140 million, slightly below our expectations. But excluding the EUR 116 million Ogden discount rate impact, underlying results were slightly ahead of our forecasts. Solvency II remains ahead of the targeted 185%-220% range. We will maintain our EUR 34 fair value estimate and narrow-moat rating. SCOR Global Life continues to focus on the Asia-Pacific region, having opened a new office in Tokyo as well is growing its Longevity insurance line. Combined wit...
- Henry Heathfield
Scor's life reinsurance is a source of a narrow moat, and we believe t...
Scor reported a nice set of 2016 results. The business reported net income below our expectations, but a one-off tax impact for adjusting to new French corporate tax rates affected net income negatively by EUR 57 million. Scor is on a very solid footing, and we expect results to continue improving. We do, however, want to see the full year-end balance sheet before revising our estimates, and we expect any revision to be within a 10% range. For now, we are maintaining our fair value estimate of E...
- Henry Heathfield
Scor Reports Strong Full-Year Results
Scor reported a nice set of 2016 results. The business reported net income below our expectations, but a one-off tax impact for adjusting to new French corporate tax rates affected net income negatively by EUR 57 million. Scor is on a very solid footing, and we expect results to continue improving. We do, however, want to see the full year-end balance sheet before revising our estimates, and we expect any revision to be within a 10% range. For now, we are maintaining our fair value estimate of E...
- Henry Heathfield
Investors Should Look Past a Negative Q3 for Scor
Scor reported a weak nine months, predominantly from the property and casualty, or P&C, business. A heavier-than-expected natural-catastrophe environment and premium growth below our expectations have led to weaker performance. Scor has confirmed its full-year 6% natural-catastrophe budget, which is neutral on our outlook. The life reinsurance business is still in good shape, and there is nothing extraordinary in what is a volatile property and casualty reinsurance business to change our sta...
- Henry Heathfield
Scor's life reinsurance is a source of a narrow moat, and we believe t...
Unlike its main competitors, SCORs reinsurance portfolio is more significantly weighted to life and health, which represent 57% of premiums. We believe life and health reinsurance displays structural advantages that enable defendable excess returns, and put a narrow moat around the business. The life and health reinsurance industry is highly concentrated, and characterized by strong direct client relationships and reliance of clients on value added services. Additionally, life reinsurance has pr...
- Henry Heathfield
Reinsurer SCOR Has a Narrow Moat and an Attractive Valuation
Unlike its main competitors, SCORs reinsurance portfolio is more significantly weighted to life and health, which represent 57% of premiums. We believe life and health reinsurance displays structural advantages that enable defendable excess returns, and put a narrow moat around the business. The life and health reinsurance industry is highly concentrated, and characterized by strong direct client relationships and reliance of clients on value added services. Additionally, life reinsurance has pr...
- Henry Heathfield
Scor's life reinsurance is a source of a narrow moat, and we believe t...
Scor's underlying core technical underwriting ability is similar to peers. We believe the business benefits from a narrow moat due to a higher proportion of life reinsurance, which we view as structurally moaty. Scor's latest optimization plan, Vision in Action, targets return on equity at or above 800 basis points over a five-year risk-free rate. Operationally, Scor is focusing on an under-represented U.S. property and casualty market and emerging markets within life and health.Life insurance m...
- Henry Heathfield
Scor's life reinsurance is a source of a narrow moat, and we believe t...
Though the underlying core technical underwriting ability within Scor is similar to peers, we believe the business benefits from a narrow moat due to its higher proportion of life reinsurance, which we view to be structurally moaty. Scor's latest optimization plan, Vision in Action, targets a return on equity at or above 800 basis points over the five-year risk-free rate. Operationally, the business is focusing on an under-represented U.S. property and casualty market and emerging markets within...
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