Investment portfolio excels

Robust Q1 beat, driven by investment portfolio. We increase adj. EPS by 0-5% for 2024e-26e. Market leader at a discount, reiterate BUY.

Strong start to the year

Solid Försäkring - Strong Q3, attractive earnings outlook

ATH technical result, ATL combined ratio Underlying estimates hiked by 2-3% for ’23e-’24e Story intact, valuation attractive, BUY

Solid Försäkring - Premium growth & low cost ratio drive Q3 beat

Q3 Technical result +21% vs. ABGSC… …driven by premium growth and an improving cost ratio Cons. estimates up by 5-8%, share up today

Sector Report - Strong near-term underwriting trends in Q3…

Q3e: Benign underwriting (UW), tougher financials Valuation now undemanding vs. Nordic peers - HOLD

Solid Försäkring - Still strong, still cheap

Q3’22e underwriting result +30% y-o-y Cutting premium income by 1% for 2023e-24e Low valuation with attractive yield, reiterate BUY

Sector Fast Comment - Non-life Norway: Market share trends Q2’22

GJF and Tryg lost q-o-q, If and smaller players gained Commercials drive growth; expect further comp in Private Prefer Sampo, Tryg and Solid; fund with Top and GJF

Solid Försäkring - Core operations hitting new heights

ATH in technical result driven by low claims ratio Estimates hiked by 2-3% for 2023-24 BUY reiterated, raising TP to SEK 62 (60)

Solid Försäkring - ATH technical result in Q2

Q2 Technical result +10% vs. ABGSC… …driven by strong premium development and low claims Cons. estimates up by 3-5%, expect share to follow

Solid Försäkring - Underlying business continues to deliver

Q2’22e underwriting result +22% y-o-y Unrealised value changes in AUM drive EPS cuts in ‘22e Undemanding valuation, reiterate BUY

Sector Report - Expect more repricing and competition

We expect a benign UW Q2 with tough financials Adj. EPS down 11% for ‘22e, up 1% for ‘23e-24e Valuation weighed down by higher CoE – TP NOK 185

Sector Fast Comment - Insurance trip: 15 insurers in three days

We continue to favor Sampo, Tryg and Storebrand Most insurers will price in line or above expected inflation Distribution could be a risk to the profitable growth mantra

Solid Försäkring - Great stability at a discount

Profit beat driven by strong premium growth in Assistance Lifting estimates by 5-6% on faster premium growth Attractive characteristics at a steep discount - BUY

Solid Försäkring - Insurance operations drives earnings beat in Q1

Q1 Pre-tax profit +13% vs. ABGSC… …driven by strong premium development Cons. estimates up by 3-5%, expect share to follow

Sector Fast Comment - Non-life: SFSA to look into “price walking”

The SFSA will investigate weather loyal clients overpay… …for its motor and house insurance Could be negative for the sentiment in high ROE sector

Sector Report - We expect more re-pricing

Continues to push pricing above claims inflation Valuation reasonable, but adj. ‘21-‘24e EPS growth of 1%

Solid Försäkring - Investment return is a drag on Q1’22e

Q1’22e underwriting result of SEK 27m, -4% y-o-y 2022e EPS cut by 5%, estimates intact for 2023-24 Attractive characteristics priced at a discount – BUY

Solid Försäkring - Solid premium growth lifts estimates

PTP beat from faster premiums in travel and electronics Estimates lifted 3% for ‘22e, 4% for ‘23e and 3% for ‘24e 33% discount to Protector is unwarranted – BUY

Solid Försäkring - Solid start Q4, 59% beat on PTP

Q4 PTP SEK 31m is 59% beat vs ABGSCe SEK 19m …driven by faster topline and lower claims Consensus est.rev. up 1-4%; stock up 1-3% on the beat

Solid Försäkring - A Solid insurance partner

A niche market leader in an attractive partner market Strong earnings scenario; outgrowing market at low risk Initiating coverage with BUY – TP of SEK 71