Morningstar

Morningstar, Inc.

Equity Bottom-Up

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…

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…

France

SCOR SE offers life, accident, property/casualty, health, and special needs reinsurance.  The Company offers services through subsidiaries in Europe, the Americas, Asia, and Africa.  SCOR also holds real estate investments.

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