Tryg (Buy, TP: DKK190.00) - Strong start to 2023
Tryg reported a Q1 insurance service result of DKK1,474m, up 45% YOY on higher interest rates and supportive weather conditions. The underlying claims ratio improvement was 0.7%-points YOY, down from the historical trend due to a lingering post-pandemic travel boom and reinsurance price hikes from 1 January. With synergies and continued repricing related to claims inflation, we expect the improvements to continue, albeit at a slower pace near-term. We reiterate our BUY and DKK190 target price on limited estimate revisions.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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