Gjensidige Forsikring (Hold, TP: NOK216.00) - Set for another four years of superior profitability
We expect focus at Gjensidige’s virtual CMD (scheduled for 24 November) to be on how it plans to preserve its superior profitability in Norway versus peers, and lift profitability elsewhere. While run-off gains beyond 2022e remain a key question, we expect limited guidance here – although we do expect Gjensidige to guide for a (reported) combined ratio of 85–88% for 2022–2025. With only small estimate changes, we reiterate our HOLD and NOK216 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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