First dividend announcement
We expect Nordic non-life insurers to report solid Q4 results as there have been few winter storms in the Nordic countries in the quarter. We believe most of the higher weather-related claims are likely to stem from Norway, which has had relatively high amounts of rain, snow, one flood, and a few smaller winter storms in Q4. We continue to find the sector valuation demanding at a 17–19x P/E, but struggle to see potential triggers for a de-rating. Our top pick remains Gjensidige (HOLD, NOK160) which we believe is trading at a small unwarranted discount to its Danish non-life peers.Co. is the parent company of a group engaged in the provision of insurance services and the marketing and sale of insurance policies such as worker's compensation insurance, personal accident insurance, motor vehicle insurance, motor third party liability insurance, fire and other property insurance; and cargo insurance.
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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