SCOR welcomes Moody’s decision to confirm its Insurance Financial Strength Rating of ‘Aa3’ and to raise its outlook t...
29 April 2021 - 8:53PM
SCOR welcomes Moody’s decision to confirm its Insurance Financial
Strength Rating of ‘Aa3’ and to raise its outlook to ‘stable’
Press ReleaseApril 29, 2021 - N° 11
SCOR welcomes
Moody’s decision
to confirm its
Insurance Financial
Strength Rating of
‘Aa3’and
to raise its outlook to
‘stable’
SCOR has been informed of Moody’s decision to
affirm the Group’s insurance Financial Strength Rating of ‘Aa3’ and
to raise the outlook to ‘stable’.
Moody’s had lowered its outlook on the
reinsurance sector to ‘negative’ from ‘stable’ in September 2020,
citing uncertainty around coronavirus-related losses, along with
low interest rates.
According to Moody’s, this positive rating
action for SCOR reflects their expectation that “residual Covid-19
related underwriting claims will not meaningfully hamper SCOR’s
credit profile during the remainder of 2021 and beyond”. This is
supported by SCOR’s strong capitalization, “which has proven to be
resilient during the pandemic” and SCOR’s underlying business which
“will continue to perform in line with the group’s revised
strategic plan”.
Moody’s recognizes “SCOR’s capital adequacy has
held up well throughout the Covid-19 crisis so far, also compared
to peers, reflecting strong operating capital generation, low
sensitivities to adverse market movements and benefitting from the
cancellation of the 2019 dividend.”
The agency expects the overall profitability to
improve for the remainder of 2021 and in 2022, mainly driven by the
positive pricing momentum. “We expect that the positive pricing
momentum will continue in the upcoming renewals and that SCOR’s
normalized combined ratio will confirm the positive development
seen in the first quarter of 2021”. On Life side, they expect that
“technical margins will revert towards the levels outlined in SCOR
revised strategic plan”.
Moody’s concludes that “the affirmation of
SCOR's ratings reflects its very good franchise and market position
across Life and P&C reinsurance, its well diversified business
profile and moderate risk appetite in terms of both underwriting
and investment risks, which results in lower earnings volatility
and more stable capitalisation than for many of its peers”.
SCOR’s current financial ratings are as
follows:
- Standard & Poor’s: ‘AA-’
Financial Strength Rating, stable outlook
- Fitch: ‘AA-’ Insurer Financial
Strength Rating, stable outlook
- AM Best: ‘A+’ Financial Strength
Rating and ‘aa-’ Issuer Credit Rating, stable outlook
- Moody’s: ‘Aa3’ Insurance Financial
Strength Rating, stable outlook
Denis Kessler, Chairman &
Chief Executive Officer of SCOR,
comments: “We welcome Moody’s decision to affirm SCOR’s
Financial Ratings at ‘Aa3’ and to revise the outlook back to
‘stable’. SCOR is proud to be one of only two listed companies in
the private sector in France with a ‘AA’ level rating. SCOR
demonstrates the strength of its business model and its
shock-absorbing capacity, while delivering a high level of
liquidity and maintaining a strong solvency level. The Group is
confident about the future, poised to capture profitable growth in
an improving market environment.”
Moody’s press release is available on their website:
www.moodys.com
*
* *
Contact details
CommunicationsJérôme Guilbert+33 (0)1 58 44 79
19jguilbert@scor.com
Investor RelationsOlivier Armengaud+33 (0)1 58
44 86 12oarmengaud@scor.com
www.scor.com
LinkedIn: SCOR |
Twitter: @SCOR_SE
SCOR, a Global Tier 1
Reinsurer
SCOR, the world’s fourth largest reinsurer,
offers its clients a diversified and innovative range of solutions
and services to control and manage risk. Applying “The Art &
Science of Risk”, SCOR uses its industry-recognized expertise and
cutting-edge financial solutions to serve its clients and
contribute to the welfare and resilience of society.
SCOR offers its clients an optimal level of
security with its AA- rating or equivalent from S&P, Moody’s,
Fitch and AM Best. The Group generated premiums of more than EUR 16
billion in 2020, and serves clients in more than 160 countries from
its 36 offices worldwide.
For more information, visit: www.scor.com.
Scor (EU:SCR)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
Scor (EU:SCR)
Historical Stock Chart
Von Apr 2023 bis Apr 2024