Sampo Oyj (Hold, TP: EUR46.00) - Higher large claims offset run-offs
Sampo’s Q3 results were generally in line with consensus on most underlying parameters; the combined ratio of 85.5% was largely on a par when adjusting for the high run-off gains of 3.3%-points and large losses that were EUR31m above the company's expectations. We have increased our 2018–2019e EPS by c1% to account for the c1% premiums beat versus our estimate in Q3. If… also lowered its 2017 combined ratio guidance to 85–87%, in line with consensus of c86%. We reiterate our HOLD recommendation and SOTP-based target price of EUR46.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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