UBS: Fast Take: Scor "Scor settles the arbitration tribunal case regarding t..."

研报英文原文证据摘录

UBS: Fast Take: Scor "Scor settles the arbitration tribunal case regarding t..."

Forecast returns

Forecast price appreciation 3.7%

Forecast dividend yield 6.4%

Forecast stock return 10.2%

Market return assumption 7.6%

Forecast excess return 2.5%

Company Description

SCOR, established in 1970, is a reinsurance company headquartered in France, operating on a

global basis. It has two core business segments: SCOR Global P&C and SCOR Global Life. It

manages assets through its asset management business through SCOR Global Investments.

Valuation Method and Risk Statement

Insurance companies have large investment portfolios that expose the shareholder to

financial markets. SCOR's exposures are mainly credit-related. Should short-term credit

perform strongly, then SCOR's shares may perform well. Natural Catastrophes are large and

unpredictable in the near term. Should the period be benign then its earnings would be

boosted in the near term. SCOR's exposure to pandemic risk is overweight versus peers, and

should higher mortality rates recede far sooner than currently anticipated, then SCOR may

experience a near-term boost in share price. Our PT is SOTP derived, rolled forward 12

months.

We value companies in the sub-sector using SOTP valuations. Investors in insurance

companies are exposed to a wide variety of risks including: regulatory and taxation changes,

investment returns below expectations, the presence of guarantees in policies, explicit or

otherwise, debt or default risk, fluctuations, regulatory risks and movements in exchange

rates. They are also exposed to accounting changes, reserving risk, general economic

conditions and M&A, which could be positive or negative for shareholders.

Scor 26 June 2026 ab 2