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Scor Results 6-Mar: Turnaround And Delivery

FINANCIALS

Scor (SCOR SE) results tmrw will test the company’s turnaround under the CEO appointed last year. Peer results have been solid recently with a good January renewals season being reported.


  • Revenue outlook: these continue to slow rapidly as the business disappointed at 3Q23 stage (higher nat-cat losses, amongst other things). The last investor day (7-Sep) saw the new CEO showcase his plan to optimise returns and capital generation. Operational delivery will be closely watched.
  • Solvency ratio: this was 206% at Sep-23 (from 213% three months earlier) which is broadly in the middle of management’s range.
  • The equity has failed to recover much form since the 3Q23 results (10-Nov) against a sector up around 10%. SCOR’s cash curve has tightened YTD (all long-dated) but only really inline with peers (Munich, Hannover and Swiss Res).

Results are 0630 (London time) and conf call is 1300.

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