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SCOR SE Act. Prov. Regpt. SCR

Morningstar Rating
€29.38 −0.52 (1.74%)
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Company Report

Underwriting Quality Subpar at Scor, but a Path to Consistency on a Forward-Looking Basis Exists

Scor is a large reinsurance company headquartered in Paris. It operates in over 100 countries, serving many clients from offices worldwide. Scor was established in the 1970s and has grown by acquisitions. This started to take place in the late 1990s with the purchase of La Vittoria Riassicurazioni in Italy. Shortly after this, the business merged with Union des Assurances de Paris. Broader problems for the business began with the mid-1990s acquisition of the reinsurance business of Allstate. This purchase doubled Scor's share in the United States. The acquired reinsurance portfolio was one of the largest books of small and medium-size business reinsurance and led to some reserve summons.

Price vs Fair Value

SCR is trading at a 9% discount.
Price
€29.90
Fair Value
€48.00
Uncertainty
High
1-Star Price
€29.67
5-Star Price
€88.90
Economic Moat
Lpnr
Capital Allocation
Yybbhtxp

Bulls Say, Bears Say

Bulls

Scor holds a significant position in the worldwide life reinsurance market.

Bears

Scor's record of disciplined asset allocation to match its reserves is not good.

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News

Trading Information

Previous Close Price
€29.90
Day Range
€29.2029.62
52-Week Range
€21.9732.44
Bid/Ask
€29.36 / €30.12
Market Cap
€5.26 Bil
Volume/Avg
303,280 / 386,703

Key Statistics

Price/Earnings (Normalized)
6.10
Price/Sales
2.98
Dividend Yield (Trailing)
4.78%
Dividend Yield (Forward)
6.15%
Total Yield
5.16%

Company Profile

Scor is the world’s fifth-largest reinsurer selling non-life and life reinsurance. Scor global life insurers life insurance and annuities. In its co-insurance agreements Scor shares in premiums and claims of life insurance contracts that have been sold by a primary insurer. In its excess of loss agreements, Scor reimburses a primary insurer for claims that are filed above an agreed amount. Scor also sells property and casualty reinsurance in co-insurance and excess of loss. Historically Scor has been better in specialist lines and not as good in lines where there is a large potential for loss. Having recently grown in natural catastrophe book, standards of underwriting have not been good. The business has subsequently decided to move back to its historical roots.
Sector
Financial Services
Industry
Insurance - Reinsurance
Stock Style Box
Mid Core
Total Number of Employees
3,491

Competitors

Valuation

Metric
SCR
HNR1
SREN
Price/Earnings (Normalized)
6.1017.2210.38
Price/Book Value
1.132.762.10
Price/Sales
2.9824.700.67
Price/Cash Flow
2.9989.4113.59
Price/Earnings
SCR
HNR1
SREN

Financial Strength

Metric
SCR
HNR1
SREN
Quick Ratio
Current Ratio
Interest Coverage
11.8112.528.98
Quick Ratio
No chart available

Profitability

Metric
SCR
HNR1
SREN
Return on Assets (Normalized)
2.38%2.83%1.83%
Return on Equity (Normalized)
17.99%19.22%23.32%
Return on Invested Capital (Normalized)
11.39%15.57%10.47%
Return on Assets
SCR
HNR1
SREN
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Insurance - Reinsurance Industry Comparables

Ticker
Name
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
MURGF
Munchener Ruckversicherungs-Gesellschaft AGFlhl$60.1 Bil
MURGY
Munchener Ruckversicherungs-Gesellschaft AG ADRBhhyydkftTvvpj$60.1 Bil
SSREF
Swiss Re AGFvxd$34.1 Bil
SSREY
Swiss Re AG ADRWhqyhwkDqhv$34.1 Bil
HVRRF
Hannover Rueck SETbfwlqfcbSmbvvf$29.9 Bil
HVRRY
Hannover Rueck SE ADRLwcnmrksKckyx$29.9 Bil
EG
Everest Group LtdQzwv$15.7 Bil
RGA
Reinsurance Group of America IncJtdrc$11.9 Bil
RNR
RenaissanceRe Holdings LtdNznvqhgcPhkf$11.3 Bil
SCRYY
SCOR SE ADRYnrqfwkrRcqft$5.7 Bil

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