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SCOR SE (SCRYY)
OTHER OTC:SCRYY
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SCOR SE
(OTC:SCRYY)
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Rating:64Neutral
Price Target:
$3.50
▲(6.06% Upside)
Action:ReiteratedDate:11/03/25
SCOR SE's overall stock score is driven by strong earnings performance and attractive valuation, offset by operational challenges and bearish technical indicators. The company's financial resilience and strategic focus on profitable growth are positive, but declining revenue and competitive pressures in the P&C segment pose risks.
Positive Factors
Strong Cash Flow Management
Robust cash flow management enhances SCOR SE's ability to reinvest in growth opportunities and maintain financial stability, supporting long-term operations.
Investment Portfolio Performance
A strong investment portfolio with a solid yield provides SCOR SE with a steady income stream, contributing to financial resilience and profitability.
P&C Segment Performance
The P&C segment's strong performance indicates effective risk management and operational efficiency, bolstering SCOR SE's competitive position in the reinsurance market.
Negative Factors
Revenue Decline
A sharp revenue decline poses a risk to SCOR SE's growth prospects and highlights potential challenges in maintaining market share and client relationships.
Competitive Pressure on Pricing
Competitive pressures on pricing in the P&C segment could erode margins and challenge SCOR SE's ability to sustain profitability in a competitive market.
Solvency Ratio Concerns
Stable solvency ratio despite strong earnings suggests potential issues in capital generation, which could impact SCOR SE's ability to absorb future shocks.
SCOR SE (SCRYY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.04B
Dividend Yield5.81%
Average Volume (3M)121.00
Price to Earnings (P/E)6.2
Beta (1Y)0.81
Revenue Growth-0.73%
EPS GrowthN/A
CountryUS
Employees3,621
SectorFinancial
Sector Strength70
IndustryInsurance - Reinsurance
Share Statistics
EPS (TTM)0.14
Shares Outstanding1,793,637,000
10 Day Avg. Volume0
30 Day Avg. Volume121
Financial Highlights & Ratios
PEG Ratio-10.73
Price to Book (P/B)0.94
Price to Sales (P/S)0.27
P/FCF Ratio4.88
Enterprise Value/Market Cap1.11
Enterprise Value/Revenue0.38
Enterprise Value/Gross Profit0.38
Enterprise Value/Ebitda16.12
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.49
Revenue Forecast (FY)$19.19B
SCOR SE Business Overview & Revenue Model
Company DescriptionSCOR 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.
How the Company Makes MoneySCOR SE generates revenue primarily through its reinsurance operations by providing coverage to insurance companies in exchange for premiums. The company earns money through two main segments: Life & Health and Property & Casualty. In the Life & Health segment, SCOR offers reinsurance solutions for mortality, longevity, and health risks, receiving premiums that are invested to generate additional income. In the Property & Casualty segment, the company assumes risks from insurers related to natural disasters, accidents, and other liabilities, collecting premiums and managing claims to maintain profitability. Additionally, SCOR invests its capital in various financial instruments, contributing to its earnings. Key partnerships with insurance companies enhance SCOR's market position, while its focus on sophisticated risk assessment models allows for effective pricing and risk management, further driving revenue growth.
SCOR SE Earnings Call Summary
Earnings Call Date:Mar 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call was predominantly positive: SCOR reported record net income, robust ROE, strong solvency (215%), significant economic value growth (+13.7% vs 9% target), a raised dividend (+5.6%), EUR 170m of cost savings ahead of plan, excellent P&C underwriting metrics (combined ratio well below target, nat cat and attritional loss ratios improving), and Life & Health and investment results beating guidance. Key risks and headwinds were noted but appear manageable: competitive P&C pricing and SBS weakness, some underperforming Life contracts (addressed with reserve strengthening), refinancing timing on Tier 2, man-made loss volatility, pending arbitration, and potential Solvency II reform impacts (estimated -10–15ppt). Overall, the positive operational and capital outcomes materially outweigh the identified lowlights.Q4-2025 Updates
Positive Updates
Record Full-Year Net Income
Net income for FY2025 was EUR 846 million, the highest in SCOR's history, supported by strong contributions from P&C, Life & Health and Investments.
Strong Return on Equity
Return on equity reached 19.1% for the full year; Q4 implied annualized ROE was 21.1%, both well above group targets.
Robust Solvency Position
Group Solvency II ratio of 215%, up 5 percentage points versus 2024 and at the higher end of the target range, reflecting satisfactory net operating capital generation in 2025.
Economic Value Growth
Economic value grew 13.7% at constant economics for the year, outperforming the Forward '26 target of 9% per annum; economic value per share stands at EUR 48, broadly stable year-over-year.
Dividend Increase and Capital Management
Executive Committee proposed a dividend of EUR 1.9 per share for FY2025, up 5.6% from EUR 1.8, which will set the new dividend floor under the ratchet policy.
Cost Savings and Expense Discipline
Achieved EUR 170 million of savings after 2 years—one year ahead of plan—allowing management expenses to remain flat versus 2023; group expense ratio for 2025 around 7.4% with long-term guidance of 7–8%.
P&C Underwriting Strength
P&C combined ratio continues to outperform Forward '26 target (below 87%); Q4 nat cat ratio 7.6% (YTD 6.8%), well within the annual budget of 10%; Q4 attritional loss ratio 74.7% (YTD 76.4%), improved from 77% in 2024.
Life & Health Outperformance
Life & Health full-year new business CSM of EUR 464 million (above EUR 0.4bn assumption); Q4 new business CSM EUR 170 million; insurance service result EUR 115 million in Q4 and EUR 450 million for the year, ahead of the ~EUR 0.4bn guidance.
Investment Returns and Yield
Return on invested assets was 3.6% in Q4 generating EUR 209 million of investment income; regular income yield ~3.8%; credit portfolio remains high quality with expected credit losses broadly unchanged.
Balance Sheet and Risk Management Enhancements
Financial leverage managed proactively (25.3% vs 24.5% prior), successful issuance of Tier 2; increased group risk-adjustment confidence level to 75.5%–82.5%; ongoing improvements in ALM (moving toward dynamic ALM) and tech/data (6 AI flagship projects in progress).
Negative Updates
P&C Revenue Pressure and SBS Weakness
P&C insurance revenue down 1.6% in Q4 at constant FX; on a full-year basis, adjusted insurance revenue was flat with reinsurance up 2% but SBS down 4%, reflecting softness in some segments.
Competitive Pricing and Margin Pressure
More competitive P&C pricing environment and margin pressure in certain inward and specialty lines were noted; January renewals were managed with disciplined underwriting but highlighted market softness.
Life & Health Loss Component and Onerous Contracts
A negative loss component emerged related to a limited number of underperforming contracts (notably an Israeli runoff portfolio), with cumulative adjustments through the year (examples cited: Q1 -€6m, Q2 -€10m, Q3 -€20m and further year-end adjustments) leading to prudential reserve actions.
Q4 Seasonality and New Business Volatility
Q4 P&C new business CSM was modest due to seasonality and early recognition of a large proportional retrocession cover renewals; Life & Health results still show quarterly volatility despite full-year strength.
Refinancing and Capital Timing Risks
Financial leverage increased after a Tier 2 issuance and SCOR highlighted a potential repayment of EUR 283 million (remaining part of a EUR 600m Tier 2) with first call in June 2026, implying ongoing refinancing considerations.
Regulatory Reform Uncertainty
Solvency reform (implementation expected 2027) could have a negative impact; SCOR estimates a potential ~10–15 percentage point effect on solvency ratio (including loss of contingent capital benefit) pending final guidance.
Man-Made Loss Volatility
Q4 had a heavier level of man-made losses (Q3 also elevated), creating quarter-to-quarter volatility, although management states annual man-made losses remain within normal expectations.
Legal/Arbitration Uncertainty
An arbitration case remains pending with the panel decision expected mid-2026; existing provisions are stated as best estimates but the timing/outcome is uncertain.
Tax Rate and Structural Changes
Effective tax rate for FY2025 was ~28%; guidance assumption of ~30% for 2026 remains in place while the group completes tax/structure relocations (redomiciliation of an Irish platform to Paris) which have transitional effects.
Company Guidance
SCOR reiterated confidence in delivering its Forward ’26 targets, guiding to a P&C combined ratio below 87% in 2026 (nat‑cat budget ~10%; Q4 nat‑cat 7.6%, YTD 6.8%; Q4 attritional loss ratio 74.7%, YTD 76.4%), continued opportunistic buffer building (already above the initial €300m target), and net‑net operating capital generation of 3–5 percentage points of solvency ratio in 2026; key metrics cited include group solvency ratio 215% (up 5 pts vs 2024), economic value +13.7% at constant economics (EV/share €48), financial leverage 25.3% (from 24.5%), proposed dividend €1.90/share (+5.6% vs €1.80) setting a new floor, FY net income €846m and ROE 19.1% (Q4 net income €214m, Q4 annualized ROE 21.1%), Life & Health new business CSM FY €464m (Q4 €170m) and insurance service result FY €450m (Q4 €115m) vs ~€0.4bn target, P&C new business CSM +9% FY, investments RoIA 3.6% in Q4 with investment income €209m and regular yield 3.8%, management savings €170m achieved (costs flat vs 2023) and expense‑ratio guidance 7–8% (2025: 7.4%).SCOR SE Financial Statement Overview
Summary
SCOR SE demonstrates financial resilience through stable balance sheet metrics and strong cash flow management, despite challenges in revenue and profitability. While leverage is moderate, declining revenue and profit margins indicate operational pressures that need addressing.Income Statement
The income statement shows a volatile performance with revenues decreasing significantly by 90.34% from 2023 to 2024. The company has a low net profit margin of 0.25% in 2024, down from 4.99% in 2023, indicating tight profitability. Gross profit margin remains consistent because cost of goods sold is not separated, but EBIT margin declined to 0% in 2024 from 8.40% in 2023, reflecting operational challenges.45
Neutral
Balance Sheet
The balance sheet is relatively stable with a manageable debt-to-equity ratio of 0.78 in 2024. Equity ratio stands at 12.12% indicating moderate leverage. However, the return on equity decreased to 0.09% in 2024 from 17.31% in 2023, suggesting diminished returns to shareholders.65
Positive
Cash Flow
Cash flow analysis reveals a positive free cash flow growth of 5.85% in 2024. The operating cash flow to net income ratio is robust at 225.75, highlighting strong cash generation compared to net income. However, the free cash flow to net income ratio is 218.75, indicating reliance on cash flow for profitability.70
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 17.67B | 15.65B | 15.84B | 16.44B | 15.99B | 16.97B |
| Gross Profit | 17.82B | 14.83B | 15.16B | 12.61B | 12.11B | 16.97B |
| EBITDA | 417.43M | 520.00M | 1.58B | -1.32B | 1.23B | 560.00M |
| Net Income | 541.00M | 4.00M | 812.00M | -1.38B | 456.00M | 234.00M |
Balance Sheet | ||||||
| Total Assets | 35.82B | 37.35B | 35.48B | 34.99B | 51.58B | 46.22B |
| Cash, Cash Equivalents and Short-Term Investments | 21.19B | 22.08B | 20.90B | 1.83B | 2.08B | 1.80B |
| Total Debt | 4.11B | 3.55B | 3.24B | 3.13B | 3.06B | 3.03B |
| Total Liabilities | 29.58B | 32.82B | 28.60B | 28.51B | 43.34B | 40.04B |
| Stockholders Equity | 4.13B | 4.52B | 4.69B | 4.32B | 6.41B | 6.16B |
Cash Flow | ||||||
| Free Cash Flow | 1.10B | 875.00M | 1.45B | 430.00M | 2.32B | 853.00M |
| Operating Cash Flow | 1.16B | 903.00M | 1.48B | 500.00M | 2.41B | 988.00M |
| Investing Cash Flow | -360.00M | -181.00M | -954.00M | -269.00M | -1.54B | -464.00M |
| Financing Cash Flow | -277.00M | -213.00M | -428.00M | -567.00M | -674.00M | -41.00M |
SCOR SE Technical Analysis
Positive
3.30
Price Trends
3.36
Positive
3.31
Positive
3.32
Positive
Market Momentum
0.05
Positive
52.12
Neutral
29.57
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SCRYY, the sentiment is Positive. The current price of 3.3 is below the 20-day moving average (MA) of 3.46, below the 50-day MA of 3.36, and below the 200-day MA of 3.32, indicating a neutral trend. The MACD of 0.05 indicates Positive momentum. The RSI at 52.12 is Neutral, neither overbought nor oversold. The STOCH value of 29.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SCRYY.
SCOR SE Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $3.08B | 4.91 | 22.39% | ― | 22.79% | -5.17% | |
80 Outperform | $13.12B | 4.70 | 23.79% | 0.57% | -3.96% | -48.08% | |
76 Outperform | $13.82B | 11.38 | 9.74% | 1.76% | 2.10% | 19.23% | |
75 Outperform | $13.49B | 8.83 | 10.85% | 2.37% | 8.62% | -78.92% | |
72 Outperform | $2.46B | 5.55 | 20.86% | ― | 7.87% | -4.68% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | $6.04B | 6.18 | 19.56% | 5.81% | -0.73% | ― |
* Financial Sector Average
SCRYY
SCOR SE
3.46
0.63
22.36%
EG
Everest Group
334.11
-16.16
-4.61%
RGA
Reinsurance Group
210.83
18.85
9.82%
RNR
Renaissancere Holdings
300.48
58.04
23.94%
SPNT
SiriusPoint
21.24
6.36
42.74%
HG
Hamilton Insurance Group, Ltd. Class B
31.24
10.30
49.19%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.