Tryg AS: 2 directors

Two Directors at Tryg AS sold 65,000 shares at between 149.720DKK and 149.964DKK. The significance rating of the trade was 81/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last t...

Tryg (Buy, TP: DKK185.00) - Earnings momentum still solid

Through both favourable weather and narrowing credit spreads, Q1 PTP was 48% higher YOY. Recent repricing efforts continue to take effect, as seen in a 0.3%-points improved underlying claims ratio YOY, although portfolio rebalancing weighed somewhat on growth. Supported by an outlook for abating motor claims pressure, we continue to find the investment case favourable. Having made limited EPS revisions for 2026–2027e, we reiterate our BUY and DKK185 target price.

A safer place to be

PTP beat from financials, UW inline

PTP beat from better financials, UW inline or a tad better. Reiterate '27 guidance and '25 premium growth from private/SMEs. Stock to outperform 1-3%; cons.est.rev. minor; strong read-x to GJF

Heads-up for Q1-report, 11 April

Nordic non-life Q1e: Should manage the turmoil

Efficient and with lower risk

Solid growth momentum into 2025e

Helped by benign weather with few storms, we expect solid underwriting across the Nordic P&C sector for Q1, with underlying performance further supported by earned repricing momentum and abating claims inflation. The sector is trading at an attractive average 2026e P/E of c15.2x and we see solid capital distribution prospects. We reiterate our recommendations on all our covered sector names and highlight Tryg as our top pick.

Non-life: Competition authority consider to look at the competition

The DCCA is out with report describing inefficient comp. Could be a drag for Tryg and ALMB despite the industry objections. ALMB drop looks attractive, but it could drag on for two more years.

Nordic non-life insurance – Q4 reporting wrap

Market hit it hard for financials

Tryg (Buy, TP: DKK185.00) - Continued repricing momentum

Underwriting continued to improve, helped by recent repricing efforts to mitigate inflation, although a soft investment result led to earnings pressure in Q4. With Private segment premium growth of 6.8% YOY in local currencies, supported by continued momentum from Norwegian motor price hikes, we see Tryg as on track to meet its 2027 combined ratio target of ~81%. We have made limited EPS revisions for 2025–2026e, and reiterate our BUY and DKK185 target price.

Miss Q4 due to financials, reiterate 2027 guidance

PTP -8-10% from softer financials anb just soft UW and premiums;Reiterate 2027 guidance, 2025 premium growth from private/SMEs; Stock -1-2% today, cons.est.rev. minor; softer read-x into GJF

Repricing set to support profitability

The outlook for strong growth momentum in the Nordic P&C sector remains, with the recent rounds of premium repricing yet to take full effect. Furthermore, underwriting profitability is still a key focus, illustrated by Tryg raising its long-term combined ratio target to ~81% at the 2024 CMD. We believe signs of slowing claims inflation, albeit from high levels, together with mostly normal weather, bode well for Q4 underwriting. We have three BUYs and one HOLD, and highlight Sampo as our top sect...

Nordic non-life Q4 preview: positive R/R in GJF

Good underwriting hit by financials

Tryg (Buy, TP: DKK185.00) - Underwriting excellence in focus

Underwriting and capital efficiency remained in focus at Tryg’s 2024 CMD in London. The company lowered its long-term combined ratio target to ~81% and has launched a DKK2bn share buyback programme, following a series of de-risking activities. Despite the strong outlook for continued shareholder distributions, we have reduced our 2025–2026e EPS by 1–3% on somewhat lower financial result than expected. We reiterate our BUY and DKK185 target price.

CMD - plan towards 2027

2027 underwriting result target of DKK 8-8.4bn; DKK 15-16bn normal divi added by SBB of DKK 2bn for '24-'27; Stock likely up 0-2% today driven by share buyback

Heads-up for CMD 4 December

Nordic non-life insurance – Q3 reporting wrap