SCOR: Undervalued Tier 1 Reinsurer to Become Leaner Under New CEO

Frank Fischer of Shareholder Value Management presented his investment thesis on SCOR SE (France: SCR) at Best Ideas 2025.

Thesis summary:

SCOR is active in the reinsurance industry. With 38 branches worldwide and more than 3,000 employees, the company is one of the top five in the industry. SCOR is a Tier 1 reinsurer (Munich Re, Swiss RE, Hannover Re and Berkshire Hathaway) and benefits from its consistent long-term client relationships as they are strategically important to its clients. SCOR is a composite reinsurer (life and non-life) and has the highest proportion of life business in comparison.

Frank believes the Life segment is significantly undervalued- Life Re should become a stable profit contributor due to the new IFRS 17. SCOR is benefiting from rising interest rates and is rated AA- for balance sheet strength (S&P).

The new CEO Thierry Leger is changing the culture of the group, making it leaner (has reduced the management layers from ten to six) and more entrepreneurial. SCOR is well capitalized to grow in the attractively priced P&C market.

The valuation is attractive, with P/E of 5.8x and a rising dividend (7.9% yield). SCOR shares are also undervalued compared to competitors.

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About the instructor:

Frank Fischer, born in 1964, is the CEO of Shareholder Value Management AG, where he also acts as the Chief Investment Officer (CIO). Frank Fischer was honoured as Fund Manager of the Year in 2018. In addition, Frank Fischer is also a member of the Management Board of Shareholder Value Beteiligungen AG and Chairman of the Supervisory Board of Intershop Communications AG. From November 2009 to May 2014, Frank Fischer was also a member of the Board of Directors of PULSION Medical Systems SE. Until the end of 2005, Frank Fischer was the Managing Director of Standard & Poor’s Fund Services (formerly Micropal GmbH) where he was responsible for investment fund information and ratings. After completing his apprenticeship as a banker at the Hessische Landesbank, he completed his studies in business administration at the University of Frankfurt. Mr. Fischer is married and has two children. He is the founder and director of the charitable foundation Starke Lunge.