France's Scor Q3 net income falls as catastrophe losses rise

Overview

• France-based reinsurer's Q3 net income fell 4.8% yr/yr to EUR 206 mln

• Insurance revenue for Q3 rose 1.2% yr/yr to EUR 3.76 bln

• P&C combined ratio increased to 84.1% due to active natural catastrophe losses

Outlook

• Company plans to unveil new strategic plan on 3 December 2026

• SCOR expects to benefit from elevated reinvestment rates in its investment portfolio

Result Drivers

• NATURAL CATASTROPHE LOSSES - Co said P&C combined ratio was affected by an active quarter for natural catastrophe activity, including the Colombia earthquake and accumulation of smaller events

• INVESTMENT INCOME - Co said investment portfolio benefited from elevated reinvestment rates and a larger private equity fund distribution, resulting in a regular income yield of 4.1%

• L&H EXPERIENCE VARIANCE - Co said L&H insurance service result was supported by a positive experience variance of EUR 12 mln, in line with expectations

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 6 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the reinsurance peer group is "buy"

• Wall Street's median 12-month price target for Scor SE is €37.00, about 12.1% above its October 29 closing price of €33.02

• The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 7 three months ago

Reuters Recommended Reads

• Oct 28 - European banks beat profit forecasts, Brazil overshadows Santander

• Oct 27 - Arch Capital Q3 net income falls, catastrophe losses rise

• Oct 28 - Markel Q3 operating revenue rises on industrial segment

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)