Tryg is an insurance company, engaged in providing insurance services. Co.'s private segment encompasses the sale of insurance products to private individuals in Denmark and Norway. Co.'s commercial segment encompasses the sale of insurance products to small and medium-sized businesses in Denmark and Norway. Co.'s corporate segment sells insurance products to corporate customers under the brand Tryg in Denmark and Norway, Moderna in Sweden and Tryg Garanti. Co.'s Sweden segment comprises the sale of insurance products to private customers under the Moderna brand. Moreover, insurance is sold under the brands Atlantica, Bilsport & MC, Securator and Moderna Djurforsakringar.
  • TickerTRYG
  • ISINDK0060636678
  • ExchangeNasdaq Nordic Copenhagen
  • SectorNonlife Insurance
  • CountryDenmark
Håkon Astrup ...
  • Jon Masdal
  • Martin Arnell
  • Martin Huseby Karlsen
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Anders Idborg ...
  • Erik Moberg
  • Haakon Amundsen
  • Karl Bokvist
  • Mads Thinggaard
  • Peter Kurt Nielsen
  • Tobias Kaj
  • Victor Forssell

Talking Points - FLSmidth (Hold): No longer deep value, down to HOLD

Retail: SWE food retail (sector report): slower momentum ahead Expect orders -22%, margin 3.1% (8.9%) Execution remains a question mark, down to HOLD

Jan Erik Gjerland ...
  • Mads Thinggaard

Tryg - Buy on facts; strong momentum intact

The underlying CR in Q2’20 was close to ABGSCe Strong premium growth Q2 challenges market worries We reiterate BUY and our TP of DKK 225

Håkon Astrup

Tryg (Hold, TP: DKK205.00) - Underwriting gradually improving

Tryg’s solid Q2 results included an 80.9% combined ratio (CoR), fuelled by the benefits of lower activity and the investment results beating our estimate. Underlying profitability continued to improve, reinforced by initial signs of upturns in profitability across the more challenging business segments outside Denmark. We reiterate our HOLD and DKK205 target price, despite a demanding 2021e P/E of ~22x, as we struggle to see any near-term negative share-price catalysts. We have raised our 2021–2022e EPS by ~2%, mainly due to FX.

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Stocks

Concerns over perceived central bank policy missteps have been somewhat alleviated following dovish takeaways from Fed Chair Powell's comments, proclaiming interest rates are “just below” the neutral rate, and reminding everyone that future rate hikes are not predetermined. While this is certainly an incrementally positive development, it does not completely remove the specter of future rate hikes from our list of concerns. Of course, trade remains an issue despite optimism surrounding the Trump/Xi meeting at the G20 summit this week. Therefore, our outlook remains cautious and we expect conso...

Anders Idborg ...
  • Erik Moberg
  • Haakon Amundsen
  • Karl Bokvist
  • Mads Thinggaard
  • Peter Kurt Nielsen
  • Tobias Kaj
  • Victor Forssell

Talking Points - FLSmidth (Hold): No longer deep value, down to HOLD

Retail: SWE food retail (sector report): slower momentum ahead Expect orders -22%, margin 3.1% (8.9%) Execution remains a question mark, down to HOLD

Jan Erik Gjerland ...
  • Mads Thinggaard

Tryg - Buy on facts; strong momentum intact

The underlying CR in Q2’20 was close to ABGSCe Strong premium growth Q2 challenges market worries We reiterate BUY and our TP of DKK 225

Håkon Astrup

Tryg (Hold, TP: DKK205.00) - Underwriting gradually improving

Tryg’s solid Q2 results included an 80.9% combined ratio (CoR), fuelled by the benefits of lower activity and the investment results beating our estimate. Underlying profitability continued to improve, reinforced by initial signs of upturns in profitability across the more challenging business segments outside Denmark. We reiterate our HOLD and DKK205 target price, despite a demanding 2021e P/E of ~22x, as we struggle to see any near-term negative share-price catalysts. We have raised our 2021–2022e EPS by ~2%, mainly due to FX.

Jan Erik Gjerland ...
  • Mads Thinggaard

Tryg - COVID-19 gain amid high premium growth

Q2 CR adj. for RO gains of 84.6; 150bp better than cons. Tryg pockets a COVID-19 gain of DKK 95m in Q2 Share could trade up today

Håkon Astrup

Fundamentals indicate a strong Q2

Q2 is seasonally the best quarter for Nordic P&C insurers. Combining this with the meaningful rebound in financial markets and potential claims frequency tailwinds from lower activity and benign weather conditions indicates solid Q2 results across the sector. Sampo remains our top sector pick given what we view is an unwarranted valuation discount of If P&C, its key P&C asset, versus its Nordic P&C peers. We have made only limited changes to our 2021–2022 earnings estimates.

Håkon Astrup ...
  • Jon Masdal
  • Martin Arnell
  • Martin Huseby Karlsen
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Christoffer Wang Bjørnsen ...
  • Håkon Astrup
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Joachim Gunell ...
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Niclas Gehin
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

Alexander Aukner ...
  • Niclas Gehin
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

Christoffer Wang Bjørnsen ...
  • Håkon Astrup
  • Niclas Gehin
  • Ole-Andreas Krohn
  • Stefan Gauffin

Northern Lights

TRYG A/S sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of TRYG A/S (DK), a company active in the Full Line Insurance industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date June 12, 2020, the closing price was DKK 193.50 and its potential was estimated at DKK 208.11.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Tryg - AGM 30 March 2020

Since, as of the date of this report, the names of the candidates put forward by major shareholder TryghedsGruppen smba have not been announced yet, ECGS does not consider Tryg to be in compliance with the Danish regulations relating to the organisation and procedures of the AGM. In ECGS' view, this is a significant corporate governance breach and totally unlike best practice. Under ITEM 4, although not legally required in Denmark, the supervisory board and the executive management seek discharge. Under its guidelines, ECGS no longer approves discharge of the board of directors and/or executi...

Tryg – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Tryg, March 15, 2019

Since, as of the date of this report, the names of the candidates put forward by major shareholder TryghedsGruppen smba have not been announced yet, ECGS does not consider Tryg to be in compliance with the Danish regulations relating to the organisation and procedures of the AGM. In ECGS' view, this is a significant corporate governance breach and totally unlike best practice. Under ITEM 4, although not legally required in Denmark, the supervisory board and the executive management seek discharge. Under its guidelines, ECGS no longer approves discharge of the board of directors and/or executi...

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