Skip to Content

SCOR SE ADR SCRYY

Rating as of

Morningstar’s Analysis

Valuation
Currency in USD
Is it the right time to buy or sell?
Find out with Morningstar Premium
Is it the right time to buy or sell?
Find out with Morningstar Premium

1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

H12021 Scor Continues to be Hit Hard From Claims Relating to Coronavirus. Shares Fairly Valued

Analyst Note

| Henry Heathfield, CFA |

Scor has delivered first-half results that are a bit of a jumble. Quality continues to be missing. At first glance, the numbers look pretty good with a net profit for first-half 2021 of EUR 380 million. To give some context, that stands against net profit numbers in the first half of 2018 and 2019 of EUR 262 million and EUR 286 million. The first half is normally pretty consistent given the period’s far lighter experience of natural catastrophes, and prior years' absence of pandemics. However, EUR 311 million of the first-half 2021 net profit comes from a one-off post-tax gain on Scor’s settlement with Covea. What investors are then left with is a net profit for the first half of the year of EUR 69 million. That’s obviously quite a bit lower than what on a sustainable basis we and the market were expecting. We maintain our EUR 25.00 per share fair value estimate and also our no-moat rating.

Read Full Analysis

Company Profile

Business Description

Scor is a reinsurance company that covers reinsurance markets worldwide. It writes nonlife and life reinsurance, and is larger in life reinsurance, unlike most of its peers.

Contact
5, avenue Kleber
Paris, 75116, France
T +33 158447000
Sector Financial Services
Industry Insurance - Reinsurance
Most Recent Earnings Jun 30, 2006
Fiscal Year End Dec 31, 2021
Stock Type
Employees 3,123

Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.

We’d like to share more about how we work and what drives our day-to-day business.

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

How we use your information depends on the product and service that you use and your relationship with us. We may use it to:

  • Verify your identity, personalize the content you receive, or create and administer your account.
  • Provide specific products and services to you, such as portfolio management or data aggregation.
  • Develop and improve features of our offerings.
  • Gear advertisements and other marketing efforts towards your interests.

To learn more about how we handle and protect your data, visit our privacy center.

Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.