Tryg (Buy, TP: DKK177.00) - Scale-up to aid profitability uplift
Tryg will host a CMD in London on 16 November, where we expected focus to be on updated financial targets for 2024 and a more detailed run-through of what to expect from the newly added Trygg-Hansa and Codan Norway. We expect Tryg to announce achievable financial targets, including an 84% combined ratio ambition, unchanged communication on run-offs, and highly accretive underwriting profitability in Trygg-Hansa. We have made only limited changes to our 2022–2024e EPS and thus reiterate our BUY and DKK177 target price.Tryg is an insurance company, engaged in providing insurance services. Co.'s private segment encompasses the sale of insurance products to private individuals in Denmark and Norway. Co.'s commercial segment encompasses the sale of insurance products to small and medium-sized businesses in Denmark and Norway. Co.'s corporate segment sells insurance products to corporate customers under the brand Tryg in Denmark and Norway, Moderna in Sweden and Tryg Garanti. Co.'s Sweden segment comprises the sale of insurance products to private customers under the Moderna brand. Moreover, insurance is sold under the brands Atlantica, Bilsport & MC, Securator and Moderna Djurforsakringar.
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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