Strong underwriting and a solid investment result helped lift Q1 PTP by ~68% YOY to NOK962m. Through 17% YOY growth in gross written premiums (GWP) and favourable claims, the reported combined ratio improved by 5.3%-points YOY to 85.9%, well within the “
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...
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.
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.
Helped by benign claims and a strong investment result, we expect Protector to report Q1 PTP of NOK753m, up 31% YOY. We see Q1e GWP ~17% higher YOY in local FX, driven by strong renewals and the French expansion, while we continue to forecast solid UK growth in connection with the upcoming 1 April renewals. We reiterate our BUY and have raised our target price to NOK370 (365).
A director at Resurs Holding AB bought 146,251 shares at 23.500SEK and the significance rating of the trade was 54/100. 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 two years cl...
Although Q4 earnings were weighed down by soft investments, the underwriting result increased by 39% YOY, helped by continued high premium growth and a strong combined ratio. The underlying combined ratio improved by 0.5%-points YOY, which, in combination with 19% YOY GWP growth as of 1 January 2025, bodes well for the investment case, in our view. We have raised our 2025–2026e EPS by ~1%, and reiterate our BUY and NOK365 target price.
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.
In our view, the solid Q4 GWP and 1 January volume update bode well for premium growth in 2025. Protector saw 1 January GWP growth of 19% YOY, in local currencies, helped by its recent entry into the French market. On the strong growth, we have raised our 2025–2026e EPS by 2–5%, and our target price to NOK365 (350), while we reiterate our BUY.
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