Tryg (Hold, TP: DKK190.00) - Solid premiums growth in Q1
The Q1 report was mixed with premiums growth c2%-points stronger than we expected as the main positive deviation. The combined ratio was weaker than consensus, but this can mainly be ascribed to a higher share of large claims in the Norwegian segment. We have increased our 2020−2021e EPS by ~1% to reflect the beat on premiums and have raised our target price from DKK185 to DKK190. We reiterate our HOLD as we find the valuation demanding at these levels, but we see no negative share price catalyst ahead.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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