Scor: confirms estimate of Covid-19 impact
(CercleFinance.com) - At its annual Investor Day, Scor's Executive Committee reviewed the first year of the "Quantum Leap" strategic plan.
The group thus retains three messages, and confirms the estimate of its exposure to the pandemic (ratio of claims compared to the forecast of 62% and estimate of the cost of the pandemic unchanged, with 3 million euros of claims paid on 28 August 2020).
"SCOR absorbs the shock of the Covid-19 pandemic. (...) Secondly, even though there are challenges placed on the industry from the very low yield environment, SCOR's prudent asset management has safeguarded the value of its investment portfolio (...) Thirdly, SCOR is very positive on the new P&C market conditions and is expecting strong growth with positive pricing dynamics," the group said.
The group has clearly pleased the market - its share price is up over 6% on Wednesday morning.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The group thus retains three messages, and confirms the estimate of its exposure to the pandemic (ratio of claims compared to the forecast of 62% and estimate of the cost of the pandemic unchanged, with 3 million euros of claims paid on 28 August 2020).
"SCOR absorbs the shock of the Covid-19 pandemic. (...) Secondly, even though there are challenges placed on the industry from the very low yield environment, SCOR's prudent asset management has safeguarded the value of its investment portfolio (...) Thirdly, SCOR is very positive on the new P&C market conditions and is expecting strong growth with positive pricing dynamics," the group said.
The group has clearly pleased the market - its share price is up over 6% on Wednesday morning.
Copyright (c) 2020 CercleFinance.com. All rights reserved.