KBW maintains Outperform rating on Scor ahead of quarterly results
KBW (Keefe, Bruyette & Woods) has reiterated its "outperform" rating and 32 EUR price target on Scor, as the French reinsurer prepares to release its Q1 2026 results on May 6.
The broker forecasts a net profit of 200 million euros, noting that "management may look to opportunistically build reserve cushions on the back of benign natural catastrophe loss experience."
"Looking back over the past year, the normalized undiscounted P&C Re combined ratio has not exceeded 96.5% during low-loss quarters, suggesting this is a solid benchmark for Q1 2026," KBW added.
The firm also expects Scor to continue strengthening its financial flexibility, gradually approaching its target solvency level of 230%.
Scor SE is the leading French reinsurance company. Gross written premiums per activity are distributed as follows:
- life and health reinsurance (52.5%);
- non-life reinsurance (47.5%): reinsurance against damages (coverage for damage to industrial and commercial property, vehicles, ships, and stored or transported merchandise, coverage for losses due to fire, and civil liability coverage) and specialties (coverage for risks in the agriculture, aviation, construction and credit guarantee fields).
Geographic distribution of written premiums is as follows: France (15.2%), Europe (46%), the Far East (21.7%), North America (6.5%), South America (2.4%), Africa (0.5%) and other (7.7%).
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