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SCOR

Scor is among the top 5 largest reinsurer with a global presence. It operates 39 offices across 5 continents and underwrites both Life and P&C reinsurance. As of FY17, the split between P&C and Life in terms of GWP was 41% and 59% respectively (FY16: 40% and 60% respectively). Within Scor Life, Protection products represent 78% of written premiums at FY17 followed by Financial Solutions with 14% and Longevity at 8%. Scor P&C focuses mainly on P&C reinsurance of which 88% of FY17 written premiums are Treaty contracts. By geography, P&C premiums are broken down into 36% Americas, 46% EMEA and 18% Asia Pacific while the split of Life premiums include 52% Americas, 31% EMEA and 17% Asia Pacific. Scor has undergone rapid growth since its collapse in 2002, and has repositioned itself from primarily a Non-Life reinsurer to one with an evenly split exposure to the Life and Non-Life sectors, aided by the takeovers of Revios (2006), Converium (2007), TransAmerica Re (2011) and more recently, Generali's USA Life Reinsurance Business (2013). (11 Jul 2018)

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2018 Euro IG Conference: Insurance

Transcript: 12 Dec 2018, 10:09 PM ET - We present a transcript of the European Insurance presentation given at the European IG & Crossover Annual conference on December 7, 2018.

Euro Financial Movers: Stressing The Positives

Euro Financial Movers: 02 Dec 2018, 10:07 PM ET - The Bank of England's stress test results, more money laundering problems for Danske Bank and Deutsche Bank, HSH Nordbank's Tier 1 termination, Axa's deleveraging, and the effect of S&P's rating methodology change on insurance hybrids.

Euro Financial Movers: Gourd Times And Bad

Euro Financial Movers: 25 Nov 2018, 9:41 PM ET - It was a quiet week, with Thanksgiving in the US. Deutsche Bank got caught up in the Danske money-laundering scandal, and the BoE brought forward the UK stress test results. Capital optimisation remains at the top of Generali's agenda.

Euro Insurers: 3Q18 Earnings Snapshot

Sector Analysis: 22 Nov 2018, 10:05 PM ET - In this article, we provide a round up of the 3Q18 earnings of European insurers. We also look to highlight key issues and trends observed across the respective peer groups.

Transcript: How will IFRS 17 & 9 Affect Insurers?

Transcript: 20 Nov 2018, 9:16 PM ET - Together with our guest speaker, Mr Darrel Scott - IASB Board Member, we present the takeaways of IFRS 17 & 9 and discuss their consequences on the financial analysis of insurers. The audio link will allow you to listen the webinar.

Webinar: How will IFRS 17 & 9 Affect Insurers?

Announcement: 19 Nov 2018, 9:44 PM ET - CreditSights European insurance sector analysts, Philippe Picagne and Raymond Tam, and guest speaker Mr Darrel Scott, IASB Board Member, will be hosting a webinar on IFRS 17 & 9, today at 3pm GMT.

Euro Financial Movers: Brexit – Kind Of A Big Deal

Euro Financial Movers: 18 Nov 2018, 10:00 PM ET - The UK’s draft EU withdrawal agreement led to uncertainty and spread volatility, while the SRB’s position paper provided some post-Brexit MREL clarity. As IASB looks to defer IFRS 17 to 2022, Munich Re issued its first EUR Tier 2 since 2012

Ageas: 3Q18 From Luxembourg to India

Earnings Note: 14 Nov 2018, 10:23 PM ET - Ageas reported mixed 3Q18 as strong underwriting profitability was dampened by investment impairments. We do not believe Ageas’ acquisition of a 40% stake in an Indian Non-Life insurer will lead to business growth given the lack of control.

Euro Financial Movers: La Vida Loca

Euro Financial Movers: 11 Nov 2018, 10:18 PM ET - 3Q18 results continued, with the Italian banks resilient despite macro-economic pressure whilst the Spanish Supreme Court ruled in favour of banks on mortgage-related taxes. Nat cat claims do not seem to be a solvency issue for reinsurers.

Mapfre: 9M 18 F/X Headwinds

Worth Watching: 08 Nov 2018, 9:28 AM ET - Mapfre released relatively disappointing 9M18 earnings despite lower weather-related claims during the period compared with last year; the devaluation of major currencies where the insurer operates has had major impacts on the company's profita ..

Generali: 9M18 Strong Credit Fundamentals

Earnings Note: 08 Nov 2018, 4:43 AM ET - Generali disclosed strong 9M18 earnings, supporting our view that the insurer benefits from strong credit fundamentals. Our Underperform recommendation stems from continuing market volatility due to on-going political risks in Italy.

Axa: 9M18 Mixed Activity Indicators

Earnings Note: 06 Nov 2018, 10:08 PM ET - Axa released mixed activity indicators for the first nine months of 2018. XL was acquired on 12 September 2018 but will be fully consolidated from 1 October 2018. Nat cat claims are relatively minor at group level.

Euro Financial Movers: Stress Relief

Euro Financial Movers: 04 Nov 2018, 10:23 PM ET - The 2018 Stress Test results show EU banks to be more resilient than in previous exercises, whilst 3Q18 earnings continued. After the 3Q18 reinsurers' results, we are starting to see the impact of the recent nat cat events.
Focused

Scor: 3Q18 Remaining Focused

Worth Watching: 01 Nov 2018, 11:08 AM ET - Scor reported solid third quarter results as the magnitude of nat cat losses failed to match the events of the comparable quarter last year. Evidently, the combined ratio in the discrete quarter swung from a horrific 136.7% to 98% which only in ..

Euro Financial Movers: Earnings Glass Half Empty

Euro Financial Movers: 28 Oct 2018, 10:14 PM ET - 3Q18 earnings season kicked off with the Nordic banks affirming their positions on AML, while DB’s struggles continued, and we summarised Danske’s money-laundering woes. In insurance, we initiated coverage of Phoenix.

Global Insurance Rendez-Vous: Fiduciary Rule Redux

Global Insurance Rendez-Vous: 24 Oct 2018, 10:07 PM ET - The DOL and the SEC are revisiting the fiduciary rule in the near future. The initial version of the rule, produced under the Obama administration, caused significant headaches for insurers and a significant decline in annuity sales.

Phoenix Group: A Wild Animal

Company Analysis: 24 Oct 2018, 10:56 AM ET - We initiate coverage of Phoenix Group at Underperform. It is probably the company to watch for sterling-denominated bond investors, due to its fast expansion and acquisition of the insurance company of SLA.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

Euro Financial Movers: A Taxing Week

Euro Financial Movers: 21 Oct 2018, 10:33 PM ET - Italian and Spanish banks struggled due to the prospect of tax rises for Italian banks and an unfavourable court decision for Spanish banks, while money laundering concerns extended to Nordea. Aegon's proposed RT1 has not yet appeared. 

Euro Financial Movers: Italy Tests Market's Nerves

Euro Financial Movers: 14 Oct 2018, 10:08 PM ET - Italy's budget dilemma continues to drive bank credit spreads in the absence of significant newsflow, with subordinated bonds taking the brunt of the pressure. In insurance, Aegon looks to issue an RT1.

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