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FINANCIALS: Scor: Results Weaker Than Expected Post-Profit Warning

FINANCIALS

Scor (SCOR: A-/BBB+) already issued a profit warning (16-Jul) and spreads have widened c.19bp over the last month (€IG insurers -4bp), so expectations were low and, it would appear, the market has discounted relatively efficiently. Revenues are in line, but losses are greater than expected and solvency weaker.

  • “*SCOR 2Q INSURANCE REV. EU4.09B, EST. EU4.1B
  • *SCOR 2Q NET LOSS EU308M, EST. LOSS EU207M
  • *SCOR 2Q SOLVENCY RATIO 201%, EST. 211.8% (2 EST.)” - BBG

Conf call is 1300 (London time) at: https://event.webcasts.com/starthere.jsp?ei=1676732&tp_key=eaa2d0b58a

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