SCOR welcomes Fitch’s decision to confirm its Insurer Financial Strength Rating of ‘AA-’ and its outlook as stable
15 Septembre 2020 - 9:31PM
SCOR welcomes Fitch’s decision to confirm its Insurer Financial
Strength Rating of ‘AA-’ and its outlook as stable
Press ReleaseSeptember 15, 2020 - N° 20
SCOR welcomes Fitch’s decision
to confirm its
Insurer Financial Strength Rating of ‘AA-’
and its outlook as stable
SCOR has been informed of Fitch’s decision to
affirm the Group’s Financial Strength Rating of ‘AA-‘ (Very Strong)
and Long-Term Issuer Default Rating (IDR) of 'A+'. Fitch has also
affirmed the ratings of SCOR's core operating subsidiaries. The
outlooks are stable.
According to Fitch, this decision reflects
“SCOR’s “Favourable” business profile within the global reinsurance
sector, “Very Strong” risk-adjusted capitalization and “Strong”
financial performance.”
Fitch Ratings ranks SCOR’s business profile as
“Favourable” compared to that of all other reinsurance companies,
as it belongs to a small group of global reinsurers with the scale
and financial strength to attract the highest-quality reinsurance
business.
Fitch expects that “the impact of the
coronavirus, while material, is manageable for SCOR due to the
company’s very strong capital position”.
Denis Kessler, Chairman & Chief
Executive Officer of SCOR, comments: “We welcome Fitch’s
decision to affirm SCOR’s Financial Ratings. This decision
testifies to the depth of the Group’s franchise and its superior
level of solvency. We are entering the renewal season with great
confidence. SCOR is well positioned to accelerate its growth in a
supportive P&C market environment, while consolidating its
position in the top tier of the Life reinsurance market.”
The Fitch press release is available on the
agency’s homepage at the following address:
http://www.fitchratings.com.
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Contact details
Media+33 (0)1 58 44 76 62media@scor.com
Investor RelationsIan
Kelly+44 (0)203 207 8561ikelly@scor.com
www.scor.com
LinkedIn: SCOR | Twitter: @SCOR_SE
Forward-looking statements
SCOR does not communicate "profit forecasts" in
the sense of Article 2 of (EC) Regulation n°809/2004 of the
European Commission. Thus, any forward-looking statements contained
in this communication should not be held as corresponding to such
profit forecasts. Information in this communication may include
"forward-looking statements", including but not limited to
statements that are predictions of or indicate future events,
trends, plans or objectives, based on certain assumptions and
include any statement which does not directly relate to a
historical fact or current fact. Forward-looking statements are
typically identified by words or phrases such as, without
limitation, "anticipate", "assume", "believe", "continue",
"estimate", "expect", "foresee", "intend", "may increase" and "may
fluctuate" and similar expressions or by future or conditional
verbs such as, without limitations, "will", "should", "would" and
"could." Undue reliance should not be placed on such statements,
because, by their nature, they are subject to known and unknown
risks, uncertainties and other factors, which may cause actual
results, on the one hand, to differ from any results expressed or
implied by the present communication, on the other hand.
Please refer to the 2019 Universal Registration
Document filed on March 13, 2020, under number D.20-0127 with the
French Autorité des marchés financiers (AMF) posted on SCOR’s
website www.scor.com (the “Document d’enregistrement universel”),
for a description of certain important factors, risks and
uncertainties that may affect the business of the SCOR Group. As a
result of the extreme and unprecedented volatility and disruption
of the current global financial crisis, SCOR is exposed to
significant financial, capital market and other risks, including
movements in interest rates, credit spreads, equity prices, and
currency movements, changes in rating agency policies or practices,
and the lowering or loss of financial strength or other
ratings.
The Group’s financial information is prepared on
the basis of IFRS and interpretations issued and approved by the
European Union. This financial information does not constitute a
set of financial statements for an interim period as defined by IAS
34 “Interim Financial Reporting”.
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