Gjensidige Forsikring (Buy, TP: NOK220.00) - Another strong underwriting quarter
Despite mounting inflationary pressure and turbulent financial markets, Gjensidige again reported a strong underwriting performance, posting 8.7% YOY premium growth and a 100bp YOY underlying claims ratio improvement. Inflationary pressure remains in focus, although Gjensidige sees a shift from Property and materials to Motor and parts. We have raised our 2023–2024e EPS by 2–3% on the back of higher premium growth and a slightly lower combined ratio. We continue to find the shares attractively valued at a 2023e P/E of c18x, and reiterate our BUY and NOK220 target price.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.
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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