Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SCOR SE. We currently have 5 research reports from 1 professional analysts.
|08Nov16 05:49||GNW||SCOR reaches a new milestone in its application to open a Composite Branch Office in India|
|07Nov16 08:32||GNW||SCOR strengthens its commitment to diversity with the signing of a Global Charter on Professional Equality between Women and Men|
|28Oct16 04:43||GNW||Appointments at SCOR|
|27Oct16 06:38||GNW||SCOR: Video with Mark Kociancic|
|27Oct16 06:27||GNW||SCOR: First nine months 2016 results|
|17Oct16 07:31||GNW||SCOR is named "Life Reinsurer of the Year 2016" by Asia Insurance Review|
|11Oct16 10:48||GNW||INVITATION: SCOR GROUP 2016 Q3 RESULTS|
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Research reports on
Top in Life, flop in P&C
27 Oct 16
9M 16 GWP reached €10,216m, up 2.2% at current FX (+4.4% at constant FX) compared to 9M 15. In Q3 16, a slight decrease of 0.6% was recorded to €3,481m. SGPC’s written premiums declined by 2.8% at current FX (-0.1% at constant FX) to €4,234m ytd, a trend confirmed in Q3 (-4.3% to €1,433m). The technical profitability suffered due to a higher combined ratio at 90% (90.8% in the Q3 15). SGL’s premiums stood at €5,982m, up 6.1% year-on-year at current FX (+7.8% at constant FX). The technical margin stood at 7.1% vs. 7.2% in 9M 15. Total investments reached €27,568m and investment income stood at €501m, of which €168m of realised gains came mainly from the real estate and fixed income portfolios. The duration of the fixed income portfolio stood at 4.5 years. During 9M 16, the French reinsurer generated a €1,304m operating cash flow (€558m in 9M 15). Net income stood at €438m, down 10.9% relative to 9M 15, with a RoE at 9.3%. Shareholders’ equity reached €6,436m. Scor’s financial leverage established at 25.1%. At the end of Q3, the solvency ratio is estimated to be 212%, within the optimal solvency range of 185-220% as defined in the “Vision in Action” plan.
28 Apr 16
In FY 15, GWP reached €3,283m, up 5.1% at current FX (+5% at constant FX) compared to the same period in 2015. SGPC written premiums decreased by 1.6% at current FX (-1.1% at constant FX) to €1,376m, with a good technical profitability thanks to a stable combined ratio at 89.7%. SGL’s premiums stood at €1,907m, up 10.5% yoy at current FX (+9.9% at constant FX). The technical margin stood at 7.1%, down 10bp relative to Q1 15. Total investments reached €27,627m and investment income reached €147m, of which €74m came mainly from the real estate portfolio and to a lesser extent from the fixed income portfolio. The duration of the fixed income portfolio stands at 3.9 years. During 2015, the French reinsurer generated a €317m operating cash flow. Net income stands at €170m, down 2.9% relative to Q1 15, with a RoE at 11.2%. Shareholders’ equity reached €6,325m. Scor’s financial leverage established at 27.6%, above the 25% ceiling indicated in the “Optimal Dynamics” plan. Scor’s solvency ratio, adjusted for the intended calls of the two debts callable in Q3 16, stands at 202%, within the optimal solvency range of 185-220% as defined in the Optimal Dynamics plan. The solvency II ratio came to 222%.
24 Feb 16
In FY 15, GWP reached €13,421m, up 18.6% at current FX (+6.4% at constant FX) compared to 2014. Q4 15 GWP reached €3,425m, +16.7% at current FX. SGPC written premiums increased by 16% at current FX (+4.9% at constant FX) to €5,723m, with a good technical profitability thanks to a stable combined ratio at 91.1%. SGL’s premiums stood at €7,698m, up 20.6% yor at current FX (+7.5% at constant FX). The technical margin stood at 7.2%, a 10bp improvement relative to 2014 thanks to a strong Q4 15 (+20bp to 7.2%). Total investments reached €27,552m and investment income reached €666m, of which €104m and €56m of realised gains came from the equity and fixed income portfolios, respectively. The duration of the fixed income portfolio stands at 3.9 years. During 2015, the French reinsurer generated a €795m operating cash flow. Net income stands at €642m, up 25.4% relative to 2014, with a RoE at 10.6%. Shareholders’ equity reached €6,330m. Scor’s financial leverage established at 27.5%, above the 25% ceiling indicated in the “Optimal Dynamics” plan. Scor’s solvency ratio, adjusted for the intended calls of the two debts callable in Q3 16, stands at 211%, within the optimal solvency range of 185-220% as defined in the Optimal Dynamics plan. Thesolvency II ratio came to 231%.
All engines are working at full power
04 Nov 15
9M 15 GWP reached €9,996m, up 19.3% at current FX (+5.8% at constant FX) compared to 9M 14. SGPC written premiums increased by 18.4% at current FX (+5.9% at constant FX) to €4,356m, with a good technical profitability thanks to a stable combined ratio at 90.8%. SGL's premiums stood at €5,641m, up 19.9% year-on-year at current FX (+5.8% at constant FX). The technical margin stood at 7.2%, stable relative to 9M 14. Total investments reached €26,315m and investment income reached €505m, of which €145m of realised gains came mainly from the equity portfolio. The duration of the fixed income portfolio stands at four years. During 9M 15, the French reinsurer generated a €558m operating cash flow. Net income stands at €492m, up 30.5% relative to 9M 14, with a RoE at 11.1%. Shareholders’ equity reached €6,104m. Scor’s financial leverage established at 23%, below the 25% ceiling indicated in the “Optimal Dynamics” plan. The French reinsurer accomplished a major achievement with the ACPR’s intention to approve the use of its internal model to calculate its solvency capital requirements. At the end of Q3, the solvency ratio is estimated to be 208%.
29 Jul 15
H1 15 GWP reached €6,493m, up 19.6% at current FX (+5.3% at constant FX) compared to H1 14. SGPC written premiums increased by 19.1% at current FX (+5.9% at constant FX) to €2,859m, with a good technical profitability thanks to a stable combined ratio at 90.9%. SGL's premiums stood at €6,634m, up 20.1% year-on-year at current FX (+4.9% at constant FX). The technical margin stood at 7.2%, stable relative to H1 14. Total investments reached €26,120m and investment income reached €365m, of which €128m of realised gains came mainly from the equity portfolio. The duration of the fixed income portfolio stands at 4.1 years. During H1 15, the French reinsurer generated a €130m operating cash flow. Net income stands at €327m, up 27.7% relative to H1 14, with a RoE at 11.1%. Shareholders’ equity reached €6,026m and the solvency ratio stood at 224%. Scor’s financial leverage established at 24.1%.
Positive returns from all asset classes in Q316
28 Nov 16
Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG’s 5.9% yield.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Small Cap Breakfast
28 Nov 16
Warpaint London—Schedule one update. Raising £2.5m at 97p. Expected mkt cap £62.6m vs revenues of £22.3m Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
Long-term investment in Asian small caps
10 Nov 16
Scottish Oriental Smaller Companies Trust (SST) aims to generate long-term capital growth by investing in a portfolio of small-cap Asia ex-Japan equities. Vinay Agarwal is the interim lead fund manager while Wee-Li Hee is on maternity leave; he is assisted by Martin Lau, Scott McNab and the broader First State Stewart Asia team. Stocks are selected on a bottom-up basis, with a view to preserving capital on the downside as well as achieving capital growth. SST has significantly outperformed the peers and the MSCI AC Asia ex-Japan and MSCI AC Asia ex-Japan Small Cap indices over both five and 10 years.
17 Nov 16
Topic of the quarter: Following on from our last quarterly we have delved further into the potential and challenges that the Internet of Things present the sector. Having spoken to a wide variety of companies from the sector (large and small, UK and overseas) it is apparent that there is going to be a very significant increase in the amount of data either generated by or available to Support Service companies. The key to generating value from this change will be breaking down the silos in which data is currently held, attracting and investing in the right skills and talent, seeing beyond the short-term investment that is likely to be needed and engaging with clients on a higher, more strategic level. If the sector doesn’t react, then the door is wide open for the Technology sector.
25 Nov 16
Sound Energy (SOU): Completion of fundraise (BUY) Following yesterday’s announcement relating to the fundraise on the Primarybid platform the company has successfully completed the transaction. Analyst: Dougie Youngson Ithaca Energy (IAE): Inspection delay (BUY) During the final stages of commissioning faults were identified in some junction boxes. Consequently start up of production has been delayed until early January whilst the situation is remedied. Analyst: Dougie Youngson Zambeef* (ZAM): Good performance in a challenging year (CORP) Zambeef has reported FY2016 results which we feel are commendable given an extremely difficult twelve months which saw the collapse of the Kwacha, high local inflation, drought, power cuts and the requirement for a large-scale refinancing of the business. In this context double-digit underlying progress in revenue and gross profit is a significant achievement. FY2017 should be a far more 'normal' year and we are not materially changing our FY2017 forecasts or target price. Analyst: Raymond Greaves Gresham House Strategic* (GHS): Attractively priced (CORP) On a 26% discount to NAV of 1,025p yet targeting a 15% annualised return and having made a clear statement on dividend distribution (distributing 50% of net realised profit as a dividend, with 15p indicated from net realised profit YTD for a 2% yield), GHS shares present an attractive investment opportunity. The management objective remains the construction of a concentrated portfolio of mainly quoted smaller companies acquired on compelling multiples, with a three- to five-year holding period and significant engagement envisaged to maximise returns. Analyst: Duncan Hall