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    SCOR (ENXTPA:SCR) Q3 Earnings Put Its Undervalued Narrative Back In Focus

    Simply Wall St·11/02/2026 03:52:17
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    SCOR Q3 earnings trigger fresh look at the stock

    SCOR (ENXTPA:SCR) just posted third quarter 2026 net income of €206 million and nine month profit of €603 million, figures backed by a Property & Casualty combined ratio reported as well below target.

    The latest Q3 release has come alongside a firm 1-month share price return of 8.95% and a year-to-date share price gain of 22.55%. SCOR’s 1-year total shareholder return of 41.61% points to building momentum that investors are now reassessing against the group’s underwriting performance and legal or market risks.

    Scan how SCOR's latest underwriting performance compares to other financially resilient insurers by reviewing our hand-picked 217 resilient stocks with low risk scores in the current market.

    After a sharp run, SCOR now trades close to analyst targets, while headline earnings for 2026 are slightly lower than last year. Does the current price still leave enough upside for the risk you are taking?

    Most Popular Narrative: 4.1% Undervalued

    SCOR last closed at €34.56 against a widely followed fair value narrative of €36.02. This points to a modest valuation gap that rests heavily on how underwriting and capital strength translate into future earnings.

    The main thing that has to go right is that SCOR continues to deliver strong capital generation and disciplined Life & Health growth, while managing a planned deterioration of about 2 percentage points in the P&C net combined ratio.

    The reset and gradual pivot in Life & Health toward protection, longevity and financial solutions, backed by six quarters of results in line with expectations and a described U shaped revenue pattern, sets up a pipeline that can influence future revenue and insurance service results once more contracts are written.

    See why 29 investors see SCOR as 4% undervalued.

    Result: Fair Value of €36.02 (UNDERVALUED)

    Still, the Covéa arbitration over retrocession treaties and any sharper than planned deterioration in the P&C combined ratio could quickly challenge this SCOR valuation story.

    Find out about the key risks to this SCOR narrative.

    Next Steps

    Mixed signals on SCOR so far. Act while the details are fresh and review both sides of the story through the 2 key rewards and 1 important warning sign.

    Looking for more SCOR-sized opportunities?

    SCOR may already be on your radar, but you could miss other compelling ideas if you stop here. Take a few minutes to scan targeted shortlists built from the same data-driven process.