Scor S.A.

SCOR is a holding company. Through its subsidiaries, Co. is engaged mainly in reinsurance. Its customers are insurers and large corporations. Co. is engaged in life reinsurance through SCOR Global Life SE and non-life reinsurance through SCOR Global P&C SE. In the life reinsurance business, Co. offers reinsurance for individual and group life insurance, long-term care, substandard risks, critical illness and financing products. The non-life reinsurance business comprises traditional reinsurance business; Treaty, Business Solutions, and Specialty Lines. In addition, Co. through SCOR Global Investments SE, manages, directly or indirectly its global investment portfolio.
  • TickerSCR
  • ISINFR0010411983
  • ExchangeEuronext Paris
  • SectorNonlife Insurance
  • CountryFrance

Analysts

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 insurance markets vary significantly, and the impact of a potentially adverse trend risk or large p...

Benoit Valleaux ...
  • Roland Pfaender

SCOR : Robust growth in P&C reinsurance

>Continued growth - Scor published its Q1 2019 results on Friday morning. Gross written premiums were € 3,985m in Q1 2019, up 5.7% reported and 2.0% at constant forex. Growth at constant forex was very robust in P&C (+12.8%), reflecting good renewals for the group which reported strong growth in the US. In life reinsurance, premiums were down 5.0% at constant forex but this was due to a new accounting treatment on a number of the financial solutions contracts. Excludi...

Olivier Pauchaut

SCOR | BUY | EUR38 The absolute need to deliver

SCOR | BUY | EUR38 The absolute need to deliver

Alfred Glaser ...
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Jerôme Bodin
  • Laurence Hofmann
  • Martial Descoutures
  • Michael Foundoukidis
  • Pierre Tegner
  • Pierre Corby
  • Roland Pfaender
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/04/2019

...

Benoit Valleaux ...
  • Roland Pfaender

SCOR : Peu d’éléments exceptionnels attendus au T1 2019

>Forte progression des primes en dommages - Scor publiera son RN du T1 2019 vendredi 26 avril avant Bourse. Nous tablons sur une progression soutenue des primes, en particulier en réassurance dommages (+9%). Rappelons que Scor avait enregistré une forte croissance des primes renouvelées au 1er janvier dernier (+9,7% à taux de changes constant). La croissance est restée élevée lors des renouvellements d’avril (+9,6%) et pour rappel, Scor estime ainsi pouvoir enregistre...

SCOR SE: Semi-Annual Update

FINANCIAL INSTITUTIONS CREDIT OPINION 29 March 2017 Update RATINGS SCOR SE Domicile Paris, France Long Term Rating Aa3 Type Insurance Financial Strength Outlook Stable Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Benjamin Serra 33-1-5330-1073

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 insurance markets vary significantly, and the impact of a potentially adverse trend risk or large p...

Benoit Valleaux ...
  • Roland Pfaender

SCOR : Robust growth in P&C reinsurance

>Continued growth - Scor published its Q1 2019 results on Friday morning. Gross written premiums were € 3,985m in Q1 2019, up 5.7% reported and 2.0% at constant forex. Growth at constant forex was very robust in P&C (+12.8%), reflecting good renewals for the group which reported strong growth in the US. In life reinsurance, premiums were down 5.0% at constant forex but this was due to a new accounting treatment on a number of the financial solutions contracts. Excludi...

Olivier Pauchaut

SCOR | BUY | EUR38 The absolute need to deliver

SCOR | BUY | EUR38 The absolute need to deliver

Benoit Valleaux ...
  • Roland Pfaender

SCOR : Peu d’éléments exceptionnels attendus au T1 2019

>Forte progression des primes en dommages - Scor publiera son RN du T1 2019 vendredi 26 avril avant Bourse. Nous tablons sur une progression soutenue des primes, en particulier en réassurance dommages (+9%). Rappelons que Scor avait enregistré une forte croissance des primes renouvelées au 1er janvier dernier (+9,7% à taux de changes constant). La croissance est restée élevée lors des renouvellements d’avril (+9,6%) et pour rappel, Scor estime ainsi pouvoir enregistre...

Benoit Valleaux ...
  • Roland Pfaender

SCOR : Underlying trends remain solid

>Good commercial momentum - Yesterday morning, Scor published its 2018 results. Gross written premiums were € 15.3bn in 2018, up 3.2% on a reported basis and 7.1% l-f-l, with a l-f-l increase of 6.7% in P&C and 7.3% in life. Note that the group registered good renewals on 1 January 2019 (premium growth of 9.7% at constant forex, with an average price increase of 1.3%).Operating result affected by natural catastrophes - The 2018 operating result was € ...

1 director sold

A director at Scor sold 4,000 shares at 38.306EUR and the significance rating of the trade was 62/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board members al...

Alfred Glaser ...
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Jerôme Bodin
  • Laurence Hofmann
  • Martial Descoutures
  • Michael Foundoukidis
  • Pierre Tegner
  • Pierre Corby
  • Roland Pfaender
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/04/2019

...

Alain William ...
  • Alexandre Iatrides
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Florent Laroche-Joubert
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Olfa Taamallah
  • Philippe Ourpatian
  • Rémi Adam
  • Roland Pfaender
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/02/2019

...

Anis Zgaya ...
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Samantha Jeary
  • Steven Gould
  • Valentin Pernet
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/13/2019

We are initiating coverage on HOCHTIEF on Neutral, with a target price of € 152. We are attracted by the combination of yield and growth as well as by management’s track record, but we believe that other companies within our coverage (Eiffage, VINCI) today offer equally attractive and more sustainable levels of FCF yield and return. - ...

Ahmed Ben Salem ...
  • Alain William
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olivier Lebrun
  • Pierre Tegner
  • Pierre Corby
  • Roland Pfaender
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/02/2019

Face à quelques turbulences macroéconomiques, les foncières de bureaux et de commerce constituent des valeurs de refuge par la pérennité de leurs dividendes et leur capacité à créer de la valeur à travers leur pipeline. Nous privilégions plus particulièrement les valeurs qui ont anticipé / clarifié leur stratégie face aux nouvelles tendances de marché. Ainsi, nous confirmons notre opinion Achat sur Gecina, Klépierre et Carmila et passons à l’Achat sur Icade et Unibail-Rodamco-Westfiel...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Martial Descoutures
  • Nicolas David
  • Pierre Corby
  • Roland Pfaender
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/30/2019

If we look for a plausible reason for the performances at the start of the year, the easing of fears of a recession stemming from a monetary policy mistake in the US looks a good candidate. If this is true, we may expect the market to soon look for signs of a stabilisation in the cycle to buy a soft landing scenario, synonymous with a phase of renewed gains. In the meantime, the resurgence of questions (macro economy, European politics, US/China negotiations) could result in a pause o...

SCOR SE with less fundamental stars is reduced to Neutral

SCOR SE (FR), a company active in the Reinsurance industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date March 22, 2019, the closing price was EUR 38.22 and its expected value was estimated at EUR 39.26.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Carole Braudeau

Accor : Feedback Crédit Forum des 10 et 11 janvier 2019

Notre Forum annuel Oddo BHF 2019 vient de se dérouler à Lyon : il a réuni 263 sociétés, dont 41% étrangères, près de 545 investisseurs (33% étrangers), soit près de 6 500 one-to-one. - Ce document synthétise nos feed-back concernant les émetteurs obligataires présents et sous-jacents d’obligations convertibles. - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties,...

MarketLine Department

Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic grow...

Jehanne Leroy

Scor - Assemblée générale des actionnaires du 26 avril 2019

Gouvernance:CIAM a déposé une résolution externe afin de mettre fin par anticipation au mandat d'administrateur de Denis Kessler, Président Directeur Général, en raison du cumul des fonctions de Président et de Directeur Général de celui-ci. Proxinvest avait, en 2017, soutenu le renouvellement de Denis Kessler, en raison notamment des contre-pouvoirs que la société a mis en place, mais avait alerté la société sur le manque de lisibilité de la politique de succession de son premier dirigeant. En effet, il a 67 ans, son mandat court jusqu’en 2021 et la limite des statuts concernant l’âge du Dire...

Expert Corporate Governance Service (ECGS)

SCOR SE - AGM 26 April 2019

ITEM A: CIAM (activist fund) added an external resolution that proposes to prematurely terminate the term of office of Denis Kessler, Chairman and CEO, because he cumulates both functions. ECGS, in 2017, supported the mandate renewal of Denis Kessler mainly because of the counter powers implemented. But we also warned the Company on the succession planning matter. Indeed, Denis Kessler is 67, his mandate will end in 2021 and the Bylaws’ age limitation to be a CEO is 70. Thus the Company should make the market aware of Mr Kessler’s successor, by naming a Deputy CEO, for example. However, this m...

Jehanne Leroy

Proxy Report - 26/04/2018

ITEM 9: the election of Ms Wang is welcome as the board will now have 61% of independent board members (vs 53% in 2017). ITEMS 4 and 5: post-employment benefits are still excessive while the Chairman and CEO could save by himself considering his remuneration. ITEM 7: we commend the company that improved its disclosure regarding the remuneration for the upcoming fiscal year. However, no change was made regarding LTI; hence they still allow vesting in case of underperformance. This is not acceptable.

Jehanne Leroy

Proxy Report - 26/04/2018

L’année 2017 a été une année exceptionnelle en termes de catastrophes naturelles de grande ampleur, expliquant la baisse de 53% du résultat net. Ainsi, le taux de distribution du dividende (qui a été en moyenne de 47% sur les 11 dernières années) est cette année de 108%. Bien que nous soutenions la distribution proposée, nous conseillons à la société d’adopter une politique de distribution du dividende en pourcentage du résultat net par action ; les distributions proposées seraient alors totalement corrélées avec les résultats. La nomination de Zhen Wang est bienvenue car cela permet au conse...

Jehanne Leroy

Etude de l'AG du 27/04/2017

Après une rémunération record de 6,3 M€ en 2015, M. Kessler s'est vue attribuer au titre de 2016 la somme de 7,96 M€ (398 SMICs).S'il est appréciable qu'une partie de sa rémunération variable long-terme ait, cette année, pris la forme du LTIP, dont les conditions de performance sont mesurées sur 6 années, on constate qu'il s'est tout de même vu attribuer des options en vertu de la résolution approuvée en 2015, et dont les conditions de performance ne sont mesurées que sur 2 années.Par ailleurs, la société continue sa pratique de rémunération de la sous-performance pour ses critères de rémunéra...

Matthieu DRIOL

Short term view - SCOR SE : The background trend is clearly bullish.

The background trend is clearly bullish. Prices are still making progress. The following targets are at €44.11 and €50.43. The trend would be invalidated below the support at €33.00.

Matthieu DRIOL

Short term view - SCOR SE : The background trend is clearly bullish.

The background trend is clearly bullish. Prices are still making progress. The following targets are at €44.11 and €50.43. The trend would be invalidated below the support at €33.00.

Matthieu DRIOL

Analyse moyen terme - SCOR SE : La tendance de fond est clairement orientée à la hausse.

La tendance de fond est clairement orientée à la hausse. Les cours progressent toujours. Les objectifs suivants sont à 43,70 € et 46,43 €. La tendance serait invalidée sous le support à 31,10 €.

Jérôme VINERIER

Medium term view - SCOR SE : The background trend is clearly bullish.

The background trend is clearly bullish. Prices are still making progress. The following targets are at €35.98 and €37.70. The trend would be invalidated below the support at €31.10.

Louis AZAIS

Short term view - SCOR SE : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €31.28, then €30.36. Passing €33.97 would question the continuation of the fall.

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