Oddo BHF has reaffirmed its 'outperform' rating on Scor, with the target price maintained at 36 euros, believing that Friday's sharp fall in the share price following the publication of its quarterly results was exaggerated.

Although first-quarter net income came in below consensus, it was slightly above the research firm's forecast, the latter pointing out that the Group benefited from an improvement in its underlying property-casualty profitability.

It seems too early to deduce from the first quarter alone a structural deterioration in life reinsurance profitability, bearing in mind that if this were to be the case, the Group would then take clear action to restore profitability", it adds.

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