reports
- Henry Heathfield
Morningstar | SCRYY Updated Forecasts and Estimates from 20 May 2019
Scor's underlying core technical underwriting ability is similar to that of its 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 optimisation 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...
- Henry Heathfield
Morningstar | Scor, a Dominant Force in Life Reinsurance
Scor's underlying core technical underwriting ability is similar to that of its 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 optimisation 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...
- Henry Heathfield
Scor, a Dominant Force in Life Reinsurance
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...
- Henry Heathfield
Morningstar | 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...
- Henry Heathfield
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...
- Henry Heathfield
Morningstar | Mediocre 2018 for Scor
Scor reported a mediocre set of 2018 results. While the operating result for the full year came in at EUR 660 million versus EUR 490 million a year prior, net income was EUR 320 million. Gross premiums were up 7%. We maintain our EUR 38 fair value estimate and narrow moat rating. What we are not liking is the focus on U.S. treaty business, though we like specialty. The natural catastrophe ratio for the year was again quite high at 12.5%, made up of typhoons Jebi and Trami in Japan as well as U....
- Henry Heathfield
Mediocre 2018 for Scor
Scor reported a mediocre set of 2018 results. While the operating result for the full year came in at EUR 660 million versus EUR 490 million a year prior, net income was EUR 320 million. Gross premiums were up 7%. We maintain our EUR 38 fair value estimate and narrow moat rating. What we are not liking is the focus on U.S. treaty business, though we like specialty. The natural catastrophe ratio for the year was again quite high at 12.5%, made up of typhoons Jebi and Trami in Japan as well as U.S...
- Henry Heathfield
Morningstar | SCRYY Updated Forecasts and Estimates from 12 Nov 2018
Scor reported net income of EUR 342 million for third-quarter 2018, slightly below what we think the business should have and is capable of achieving. While it’s not a particularly interesting set of quarterly results, we think there are a couple of items for investors to take note of. We maintain our EUR 38 fair value estimate, along with our narrow moat and stable moat trend ratings. From a technical results perspective, property and casualty performed broadly in line. There were some high ...
- Henry Heathfield
Morningstar | Scor 3Q: Mundane Property and Casualty; Brighter Lights ...
Scor reported net income of EUR 342 million for third-quarter 2018, slightly below what we think the business should have and is capable of achieving. While it’s not a particularly interesting set of quarterly results, we think there are a couple of items for investors to take note of. We maintain our EUR 38 fair value estimate, along with our narrow moat and stable moat trend ratings. From a technical results perspective, property and casualty performed broadly in line. There were some high ...
- Henry Heathfield
Scor 3Q: Mundane Property and Casualty; Brighter Lights at Life
Scor reported net income of EUR 342 million for third-quarter 2018, slightly below what we think the business should have and is capable of achieving. While it’s not a particularly interesting set of quarterly results, we think there are a couple of items for investors to take note of. We maintain our EUR 38 fair value estimate, along with our narrow moat and stable moat trend ratings. From a technical results perspective, property and casualty performed broadly in line. There were some high n...
- Henry Heathfield
Morningstar | Scor is a high-quality moaty business, based on its domi...
Scor's underlying core technical underwriting ability is similar to that of 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 optimisation 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 ins...
- Henry Heathfield
Scor is a high-quality moaty business, based on its dominance in life ...
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...
- Henry Heathfield
Morningstar | Scor Disappoints in First Half; Shares Undervalued
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 delive...
- Henry Heathfield
Scor Disappoints in First Half; Shares Undervalued
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...
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