SCOR SE Act. Prov. Regpt.

SCR: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€51.20	Lyr	Mxwwcjrw

Scor Earnings: Strong Profits, but Weaker Solvency; Shares Undervalued

Henry Heathfield

Nov 10, 2023

Scor has reported a sound set of earnings for the first 9 months with a net income of EUR 650 million so far and EUR 147 million in the third quarter. That leaves the business already well ahead of our EUR 502 million net income forecast and suggests the business will earn quite a bit above its cost of equity for shareholders. Large losses year to date are below the EUR 950 million full-year budget. Solvency has declined to 206%.

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