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1. Company Snapshot

1.a. Company Description

SCOR SE, together with its subsidiaries, provides life and non-life reinsurance products in Europe, the Middle East, Africa, the Americas, Latin America, and Asia Pacific.It operates through two segments, SCOR Global P&C and SCOR Global Life.The SCOR Global P&C segment offers reinsurance products in the areas of property, motors, casualty treaties, credit and surety, decennial insurance, aviation, marine and energy, engineering, agricultural risks, and property catastrophes; specialties insurance products, including business solutions, political and credit risks, cyber, and environmental impairment liability; and business ventures and partnerships.


The SCOR Global Life segment provides life reinsurance products, including protection for mortality, morbidity, behavioral risks, disability, long-term care, critical illness, medical, and personal accident.This segment also provides financial solutions that combine traditional life reinsurance with financial components and provide liquidity, balance sheet, solvency, and income improvements to clients; longevity solutions that include products covering the risk of negative deviation from expected results due to the insured or annuitant living longer than assumed in the pricing of insurance covers provided by insurers or pension funds; and distribution solutions.In addition, it is involved in the asset management business.


The company was founded in 1970 and is headquartered in Paris, France.

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1.b. Last Insights on SCR

SCOR SE's recent momentum is driven by its selective growth in a competitive pricing environment, with a 4.7% increase in traditional reinsurance and 80.5% growth in Alternative Solutions. AM Best has affirmed the company's A (Excellent) Financial Strength Rating, citing its strong underwriting discipline and diversified portfolio mix. Additionally, SCOR has renewed its contingent capital program, ensuring access to capital and enhancing its financial flexibility.

1.c. Company Highlights

2. SCOR's Q3 2025 Results: Strong Performance in P&C and Life & Health

SCOR reported a net income of EUR 211 million for Q3 2025, translating to a return on equity of 21.5%. The company's Property & Casualty (P&C) business delivered an excellent performance, with a combined ratio of 80.9%, significantly better than the forward 2026 assumption of below 87%. The Life and Health segment also performed well, with an insurance service result of EUR 98 million in Q3. On a 9-month basis, the net income stands at EUR 631 million, resulting in a return on equity of 19.5%. Earnings per share (EPS) came in at 1.18, beating analyst estimates of 0.929.

Publication Date: Nov -08

📋 Highlights
  • Strong P&C Performance:: P&C delivered a combined ratio of 80.9%, below the forward 2026 target of below 87%, contributing EUR 211M net income and 21.5% ROE.
  • Life & Health Stability:: Insurance service result of EUR 98M in Q3, with YTD economic value growth at 12.7%, aligning with the 2026 plan and exceeding the full-year EV growth guidance of 9%.
  • Investment Strength:: 3.5% regular income yield from high-quality fixed-income portfolio, driving 12.7% economic value growth and €631M net income for the first 9 months.
  • Solvency Ratio Seasonality:: Q3 solvency ratio (210) reflects seasonal low due to no P&C renewal activity, contrasting with Q1 (212) and Q2 (210) impacts from currency fluctuations.
  • Tax Rate Improvement:: Q3 tax rate benefited from repatriated profits to France, with François de Varenne noting continued improvement expected in Q4 2025.

Segmental Performance

The P&C segment's strong performance was driven by SCOR's strategy of diversifying growth, which paid off during the quarter. The company's underwriting discipline and analytical capabilities helped maintain a competitive edge in a challenging market. In Life and Health, the insurance service result was in line with expectations, and the company remains on track to meet its forward 2026 targets.

Investment Income and Capital Management

SCOR's investment portfolio delivered a regular income yield of 3.5% during Q3, driven by its high-quality fixed income portfolio. The company's economic value increased by 12.7% during the quarter, driven by strong business performance in both P&C and Life and Health. The solvency ratio stood at a healthy level, although it was affected by seasonality and capital deployment.

Valuation and Outlook

SCOR's shares are currently trading at a Price-to-Book Ratio of 1.14, indicating a relatively reasonable valuation. The Dividend Yield stands at 6.87%, making it an attractive option for income investors. Analysts estimate revenue growth of 2.1% for next year, which is relatively modest. Given SCOR's strong Q3 performance and robust capital position, the company is well-positioned to navigate the challenges in the insurance market.

Management Insights

As François de Varenne, Deputy CEO and Group CFO, noted, "We continue to be very satisfied with these results. The performance of our 3 business activities is strong, delivering EUR 211 million of net income, 21.5% return on equity and an economic value growth of 12.7% at constant economics." This sentiment is reflected in the company's confidence in its forward 2026 targets, and its ability to generate capital and deliver returns to shareholders.

3. NewsRoom

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AM Best Affirms Credit Ratings of SCOR SE and Main Subsidiaries

Feb -13

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Declaration made pursuant to Article L. 233-8-II of the French Commercial Code and Article 223-16 of the General Regulation of the Autorité des Marchés Financiers

Feb -11

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Does SCOR (ENXTPA:SCR) Offer Value After Recent Reinsurance Market Focus?

Feb -05

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Top European Dividend Stocks To Consider In February 2026

Feb -05

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SCOR January 2026 P&C Reinsurance Renewals: Selective growth in a competitive pricing environment

Feb -04

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SCOR announces changes to its Group Executive Committee

Jan -14

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Did SCOR’s (ENXTPA:SCR) French Reorganization Quietly Redefine Its Efficiency-Led Investment Narrative?

Jan -09

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SCOR Global Reinsurance Ireland dac becomes SCOR Global Reinsurance France SA

Jan -08

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.00%)

6. Segments

SCOR Global L&H

Expected Growth: 3.0%

SCOR Global L&H's 3.0% growth is driven by increasing demand for life and health insurance products, expansion into emerging markets, and strategic partnerships. Additionally, the segment benefits from a strong brand reputation, diversified product offerings, and effective risk management practices, enabling it to capitalize on market opportunities and maintain a competitive edge.

SCOR Global P&C

Expected Growth: 3.0%

SCOR Global P&C's 3.0% growth driven by increasing demand for specialty insurance, expansion in emerging markets, and strategic partnerships. Additionally, the segment benefits from a strong underwriting discipline, a diversified portfolio, and a solid capital position, enabling it to capitalize on market opportunities and drive profitable growth.

7. Detailed Products

Life Insurance

SCOR SE offers a range of life insurance products that provide financial protection to individuals and families in the event of death or terminal illness.

Non-Life Insurance

SCOR SE provides non-life insurance products that cover risks such as property damage, liability, and accidents.

Reinsurance

SCOR SE offers reinsurance products that help insurance companies manage their risk and improve their capital efficiency.

Health Insurance

SCOR SE provides health insurance products that cover medical expenses and provide access to healthcare services.

Investments

SCOR SE offers investment products that provide returns to investors while managing risk.

Risk Management

SCOR SE provides risk management solutions that help clients identify, assess, and mitigate risks.

8. SCOR SE's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for SCOR SE is moderate, as there are alternative logistics and transportation services available to customers.

Bargaining Power Of Customers

The bargaining power of customers is high, as they have multiple options for logistics and transportation services, and can negotiate prices and services with SCOR SE.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low, as SCOR SE has a strong negotiating position due to its large scale and global presence.

Threat Of New Entrants

The threat of new entrants is low, as entering the logistics and transportation industry requires significant capital investment and expertise, which creates a barrier to entry.

Intensity Of Rivalry

The intensity of rivalry is high, as the logistics and transportation industry is highly competitive, with many players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 39.91%
Debt Cost 4.87%
Equity Weight 60.09%
Equity Cost 10.23%
WACC 8.09%
Leverage 66.43%

11. Quality Control: SCOR SE passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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PKO Bank Polski

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Value: 6.7

Growth: 8.8

Quality: 6.4

Yield: 10.0

Momentum: 8.5

Volatility: 4.3

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Mapfre

A-Score: 7.3/10

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Yield: 7.5

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Volatility: 8.7

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BAWAG

A-Score: 6.7/10

Value: 3.2

Growth: 7.2

Quality: 5.8

Yield: 8.8

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Volatility: 6.3

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COFACE

A-Score: 6.7/10

Value: 6.3

Growth: 4.8

Quality: 5.2

Yield: 10.0

Momentum: 5.0

Volatility: 8.7

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Value: 5.2

Growth: 4.2

Quality: 5.0

Yield: 6.9

Momentum: 10.0

Volatility: 7.3

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SCOR

A-Score: 6.3/10

Value: 8.5

Growth: 2.1

Quality: 5.7

Yield: 9.4

Momentum: 7.0

Volatility: 5.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

29.76$

Current Price

29.76$

Potential

-0.00%

Expected Cash-Flows