UBS reaffirms its 'buy' recommendation on Scor, with the target price maintained at 29.2 euros, the day after the publication of the French reinsurer's annual results, which the broker describes as 'mixed'.

While acknowledging 'solid earnings', UBS also notes 'weak solvency', as well as 'question marks over the normalized combined ratio'. The valuation implies low expectations', it judges, citing a P/E ratio of six times.

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