Scor Earnings: Loss Still Disappointing, Albeit Lower Than Guidance; Shares Undervalued

Following Scor’s update on its life and health reinsurance reserves in mid-July, the business reported a net loss of EUR 308 million in the second quarter. This loss was mainly driven by a review of the business’ life and health reserves. An appraisal of the assumptions meant Scor has taken a EUR 509 million charge. While the life and health insurance service result stands at a EUR 329 million loss for the second quarter, which is lower than the roughly EUR 400 million loss guidance given earlier in July, these numbers are still disappointing for investors in Scor.