Scor rises as L&H result 'a bit better' than profit warning, P&C in-line
** Shares in Scor SCOR.PA rise about 3% after the French reinsurer posted a slightly better than pre-announced H1 L&H insurance service Q2 loss, while other divisions were in line
** Q2 L&H insurance service loss amounts to 329 million euros ($356.01 million) in Q2 2024, vs the pre-announced loss off 0.4 bln euros
** KBC says this is a bit better than the pre-announcement, while the future adjustments could be positive (previously seen to be negative only)
** The broker notes that P&C and investment earnings were broadly in-line with consensus expectations
** "Continued strength in P&C provides enough earnings support to deliver attractive capital returns still in our view," it says
** The stock closed about 24.6% lower on the profit warning day, and including Tuesday's rise, has clawed back about 11%
** Jefferies also points to Q2 life earnings including 200 mln euros of "prudence, partially financed with 143 mln euros of portfolio actions, while the reserves have a further 100 mln euros of prudence"
** The broker also notes the Solvency II ratio at 201% is in line with the profit warning, but comes after a 20 percentage point hit from the life assumption review, so the pre-review level was strong at 221%
($1 = 0.9241 euros)
Reporting by Marianna Ciabach-Malinowska
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