Topdanmark (Hold, TP: DKK390.00) - Improved underlying performance
Strong underwriting was the main positive in Q1, as soft investments following the increased market turbulence hurt earnings. With an underlying claims ratio improvement of 3.7%-points YOY, the positive effects of becoming a pure P&C insurer appear to be materialising. Management lowered the combined ratio guidance for 2022 to reflect the higher underwriting performance of the remaining business lines. Given the somewhat weaker growth guidance, we have slightly increased our 2023e EPS. We reiterate our HOLD and DKK390 target price.Topdanmark A/S is a Denmark-based insurance company engaged in the insurance and pension fund business. The Company's activities are divided into such segments, as Personal, and SME (Small and Medium Enterprises) and Industrial. The Personal segment sells policies for individual households in Denmark. The SME and Industrial segment offers policies for Denmark-based SME, agricultural and industrial businesses. The Company's private insurance offering includes such insurance products, as home, vehicle, accident, pet, child and life and health insurance, as well as pension funds. Its corporate insurance offering includes property insurance, insurance of goods and equipment, and car insurance, among others. As of December 31, 2012, it had subsidiaries responsible for life and non-life insurance, as well as for asset management, investment and property-related activities.
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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