DnB Markets - Gjensidige Forsikring ASA (GJF) Gjensidige Forsikring (Buy, TP: NOK190.00) - Ambitious long-term targets

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DnB Markets

Håkon Astrup

EUR 92.37 For Business Accounts Only

Gjensidige Forsikring (Buy, TP: NOK190.00) - Ambitious long-term targets

Gjensidige hosted its 2023 CMD in Oslo on 22 November. Key focus was the revised set of financial targets for 2024–2026 and profitable growth in Denmark. Gjensidige’s <84% combined ratio target for 2024–2025 was unchanged, but it aims for <82% in 2026. It also targets an insurance service result of >NOK7.5bn by 2026. Management reduced the Solvency II target from 150–200% to 140–190% for 2024–2026. Our estimates are unchanged, and we reiterate our BUY and have raised our target price to NOK190 (185).

22/11/2023 1 EN

Underlying

Gjensidige Forsikring ASA

Gjensidige Forskring provides insurance products to private and commercial customers in Norway, Denmark, Sweden and the Baltic states. Co.'s activities are divided into six segments in addition to the asset management unit which manages Co.'s investment portfolio. The Private segment provides a range of general insurance products besides banking, savings and investment products. The Commercial segment provides a range of general insurance products to the commercial and municipality markets. Co.'s investment portfolio includes all investment funds in Co. except for investment funds in the Pension and Savings and Retail Bank segments. Co.'s other segments include Nordic and Baltics.

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NO0010582521 Oslo Bors Norway

Provider

DnB Markets

DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.

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Analysts

Håkon Astrup

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Gjensidige Forsikring (Buy, TP: NOK190.00) - Ambitious long-term targets

Striving to improve margins - up to BUY

Gjensidige Forsikring (Buy, TP: NOK197.00) - Turning point in sight

Weather weighs on underwriting; life beat (corrected)

Sinch (Buy, TP: SEK52.00) - New reporting structure implemented

Truecaller (Buy, TP: SEK46.00) - Facing easy comparables in Q1

Safe Bulkers Minor model adjustments

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