Gjensidige Forsikring (Hold, TP: NOK206.00) - Repricing remains in focus
Repricing of customer premiums remains in focus as Gjensidige attempts to mitigate the effects of lingering inflation and increased claims frequencies. Q3 PTP was up 97% YOY on investments and benign weather conditions, but the underlying claims ratio deteriorated by 1.3%-points. Although growth momentum continues to support long-term improvements, with Q3 insurance revenue growth at 10.6% YOY in local currency, we have reduced our 2025–2026e EPS by 1–2%. We have downgraded to HOLD (BUY) and cut our target price to NOK206 (208).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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