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French reinsurer Scor shares slide after quarterly net income misses estimates

Investing.com -- Scor SE has reported profit for the first quarter that missed expectations, as the reinsurance group was hit by weakness at its property and casualty unit as well as its life and health division.

Net income in the three months ended on March 31 dropped by 36.8% versus the year-ago period to 196 million euros, missing company-provided estimates of 209 million euros.

A property and casualty insurance service result of 181 million euros was 14.8% below consensus projections, due in part to the negative impact of a "large contract commutation," analysts noted.

Paris-based Scor's life and health result were also lower than anticipated. The company said this reflected volatility in U.S. mortality claims.

"Overall, we believe the headline numbers could be a disappointment to investors," analysts at Morgan Stanley said in a note to clients.

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