SCOR SE (SCRYY) AI Stock Analysis

• Market Cap: $6.25B
• Dividend Yield: 5.81%
• Average Volume (3M): 121.00
• Price to Earnings (P/E): 62.9
• Beta (1Y): 0.82
• Revenue Growth: -0.73%
• EPS Growth: N/A
• Country: US
• Employees: 3,621
• Sector: Financial
• Sector Strength: 70
• Industry: Insurance - Reinsurance
• EPS (TTM): 0.14
• Shares Outstanding: 1,794,244,100
• 10 Day Avg. Volume: 0
• 30 Day Avg. Volume: 121
• PEG Ratio: 0.03
• Price to Book (P/B): 11.62
• Price to Sales (P/S): 3.30
• P/FCF Ratio: 52.86
• Enterprise Value/Market Cap: 1.14
• Enterprise Value/Revenue: 0.40
• Enterprise Value/Gross Profit: 0.40
• Enterprise Value/Ebitda: 17.05
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.49
• Revenue Forecast (FY): $18.51B

• Rating: 67 Neutral
• Price Target: $4.00 ▲(21.21% Upside)
• Action: Reiterated Date: 03/19/26
• Date: Action: Reiterated 03/19/26

The score is driven primarily by solid (but not consistently compounding) financial performance—strong cash generation and reasonable leverage offset by revenue erosion and earnings volatility. Technicals are supportive with price above key moving averages and positive momentum signals. The earnings call adds a meaningful positive boost due to strong profitability, solvency, and confident guidance, while valuation remains the main drag due to the very high P/E despite an attractive dividend yield.

Positive Factors

Capital adequacy & high ROE

SCOR's 215% Solvency II ratio and 19.1% ROE reflect a durable capital buffer and strong return generation. That level of solvency supports sustained underwriting capacity, dividend policy and opportunistic buffer building, and provides resilience to absorb larger losses over the coming months.

Consistent cash generation

Consistently positive operating and free cash flows provide SCOR with reliable internal funding for claims, investments and shareholder returns. This steady cash generation increases financial flexibility, reduces reliance on external funding and supports durable capital management over a 2–6 month horizon.

Underwriting discipline and cost savings

Outperforming P&C combined ratio targets and €170m of cost savings (ahead of plan) point to sustainable underwriting discipline and structural expense control. Together they improve margin durability, allow competitive but disciplined pricing, and underpin medium‑term profitability and dividend support.

Negative Factors

Declining revenue trend

A multi-year top‑line decline reduces SCOR's underwriting scale and the insurance 'float' that funds investment income. Sustained revenue erosion can constrain growth, weaken pricing leverage with cedants, and limit long-term investment return potential, making capital allocation and growth harder to execute.

Earnings and margin volatility

Material swings in profitability and margins reflect exposure to nat‑cat, man‑made events and cyclical pricing. Persistent volatility complicates capital planning, weakens forward earnings visibility and increases the risk that dividends, buybacks or reinvestment plans must be adjusted when adverse claims experience re-emerges.

Regulatory reform and refinancing timing risk

Pending Solvency II reform (estimated -10–15ppt impact) and a near‑term Tier‑2 call/refinancing create structural capital and funding uncertainty. If reforms reduce available capital or refinancing costs rise, SCOR may need to raise capital, cut distributions, or adjust underwriting strategy—affecting medium‑term positioning.

SCOR SE Business Overview & Revenue Model

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.

How the Company Makes Money

SCOR makes money primarily by underwriting reinsurance and investing the capital ("float") generated from its insurance operations. 1) Reinsurance underwriting revenue (core business) - Property & Casualty (P&C) reinsurance: SCOR assumes a portion of insurers’ risks for lines such as catastrophe, property, and casualty exposures. SCOR earns reinsurance premiums from cedants (primary insurers) in exchange for agreeing to cover specified losses under treaty or facultative reinsurance contracts. Profitability depends on pricing/terms, claims experience (including catastrophe events), and expense discipline; underwriting income is generated when earned premiums exceed claims and operating costs. - Life & Health (L&H) reinsurance: SCOR reinsures biometric risks (e.g., mortality, longevity, disability, critical illness) and in some cases financial risks embedded in life/health products. It earns premiums and/or fee-like margins (depending on contract structure) while paying claims and benefits when covered events occur. Results depend on experience (e.g., mortality and morbidity trends), lapse behavior, and contract design. 2) Investment income (supporting earnings) - SCOR invests the assets backing its technical reserves and shareholders’ equity in a diversified investment portfolio. It earns income from interest, coupons, dividends, and realized/unrealized gains or losses. Investment returns are an important driver of overall earnings because reinsurance premiums are collected before many claims are paid, allowing SCOR to invest those funds over time. 3) Fees and other income (if applicable) - To the extent SCOR provides additional services associated with reinsurance relationships (e.g., risk analytics, structuring, or related support embedded in reinsurance arrangements), economics are typically reflected in the pricing/margins of reinsurance contracts rather than as separately disclosed standalone service revenue. If a specific, separately reported fee line is not available, null.

SCOR SE Financial Statement Overview

Summary

Overall fundamentals are solid but uneven. Cash flow is a strength (consistently positive operating cash flow and free cash flow), leverage appears reasonable for a reinsurer, and profitability has recovered versus the 2022 loss year. Offsetting this, revenue has drifted lower across recent years and profitability has been volatile, keeping the score in the mid-range.

Income Statement

Revenue has been drifting lower over time (down in each of the last three annual periods, with a steep ~11.9% decline in 2025). Profitability is volatile: the company swung from a large loss in 2022 to strong profitability in 2023 and a healthy net margin in 2025 (~5.2%), but 2024 profitability was near break-even despite positive operating profit. Overall, earnings power looks recovered versus 2022, but the revenue contraction and year-to-year margin instability keep the score mid-range.

Balance Sheet

Leverage appears reasonable for a reinsurer, with debt generally below equity (debt-to-equity around ~0.69–0.78 in 2023–2024). Equity levels are fairly steady, and total debt is stable around ~$3.0–$3.6B, suggesting no aggressive balance-sheet expansion. A key watch-out is balance-sheet scale shifting over time (notably lower assets versus 2021), and some reported leverage/return fields look inconsistent in 2025, which reduces confidence in the trend read-through.

Cash Flow

Cash generation is a relative strength: operating cash flow has been consistently positive, and free cash flow is positive in every year provided. Free cash flow rebounded sharply in 2023 and remained solid in 2024–2025 (though 2025 fell ~11.9% and 2024 also declined). Cash flow has generally tracked reported earnings well in profitable years, supporting earnings quality, but the recent downshift in free cash flow growth tempers the score.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	17.67B	15.57B	15.65B	15.84B	16.44B	15.99B
Gross Profit	17.82B	15.57B	14.83B	15.16B	12.61B	12.11B
EBITDA	417.43M	0.00	520.00M	1.58B	-1.32B	1.23B
Net Income	541.00M	817.41M	4.00M	812.00M	-1.38B	456.00M
Balance Sheet
Total Assets	35.82B	36.10B	37.35B	35.48B	34.99B	51.58B
Cash, Cash Equivalents and Short-Term Investments	21.19B	21.55B	22.08B	20.90B	1.83B	2.08B
Total Debt	4.11B	3.57B	3.55B	3.24B	3.13B	3.06B
Total Liabilities	29.58B	31.67B	32.82B	28.60B	28.51B	43.34B
Stockholders Equity	4.13B	4.43B	4.52B	4.69B	4.32B	6.41B
Cash Flow
Free Cash Flow	1.10B	973.02M	875.00M	1.45B	430.00M	2.32B
Operating Cash Flow	1.16B	1.01B	903.00M	1.48B	500.00M	2.41B
Investing Cash Flow	-360.00M	-848.15M	-181.00M	-954.00M	-269.00M	-1.54B
Financing Cash Flow	-277.00M	-347.71M	-213.00M	-428.00M	-567.00M	-674.00M

SCOR SE Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3.30
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 3.50, below the 50-day MA of 3.40, and below the 200-day MA of 3.34, indicating a neutral trend. The MACD of 0.03 indicates Positive momentum. The RSI at 51.32 is Neutral, neither overbought nor oversold. The STOCH value of 36.22 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HG	82 Outperform	$2.88B	4.91	22.09%	―	22.79%	-5.17%
RNR	80 Outperform	$12.75B	4.70	24.24%	0.57%	-3.96%	-48.08%
RGA	73 Outperform	$13.18B	11.38	9.48%	1.76%	2.10%	19.23%
EG	72 Outperform	$13.10B	8.83	10.61%	2.37%	8.62%	-78.92%
SPNT	71 Outperform	$2.45B	5.55	20.87%	―	7.87%	-4.68%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
SCRYY	67 Neutral	$6.25B	62.92	19.25%	5.81%	-0.73%	―