Insurance trip: 16 insurers in three days

Non-life have price increases > inflation in all markets, most in Norway. Life insurance growth with rapid growth & dividend payments. Prefer ALMB, Sampo, Solid, Tryg among non-life; STB for life

Protector (Buy, TP: NOK380.00) - Well within targets

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 “

Protector (Buy, TP: NOK370.00) - Profitable growth set to continue

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).

Nordic non-life insurance – Q4 reporting wrap

Protector (Buy, TP: NOK365.00) - Strong underwriting momentum

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.

Protector (Buy, TP: NOK365.00) - Strong start to 2025

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.

Protector (Buy, TP: NOK350.00) - Set for strong 2025e momentum

Helped by continued repricing efforts across the Nordics, we expect Protector to report a solid Q4 underwriting result of NOK326m, with a seasonally strong combined ratio of 89.1%. Given the growth focus of Protector, and the seasonally low volumes in Q4, we await the important 1 January renewal date, forecasting ~14% local currency growth YOY, including France. We have made limited EPS revisions for 2025–2026e, and reiterate our BUY and NOK350 target price.

Nordic non-life insurance – Q3 reporting wrap

Protector (Buy, TP: NOK270.00) - Set for sequential CR improvement

We expect favourable weather conditions to support solid underwriting in Q3 (results due at 18:00 CET on 23 October), with PTP boosted further by a strong result from the bond portfolio. Despite it being a low-volume quarter, we forecast premiums to increase 13% YOY on repricing, UK volumes and FX. We have made limited EPS revisions for 2025–2026e and reiterate our BUY and NOK270 target price.

Insurance trip: 14 insurers in three days

High price increases in non-life = margin expansion; Attractive dividend levels to come from life units; BUY stability from Sampo/Tryg; earnings growth STB/GJF

Protector (Buy, TP: NOK270.00) - Large claims quarter

Q2 PTP was 5% higher YOY as strong investment performance helped offset a soft underwriting result affected by several large claims. Despite a combined ratio increase YOY, underwriting profitability remains strong at a normalised level, supported by ongoing price increases and portfolio readjustments. However, with lower-than-expected growth in gross written premiums (GWP) and a drop in bond yields, we have cut our 2025–2026e EPS by 3–4%, and in turn our target price to NOK270(275), but reiterat...

Protector (Buy, TP: NOK275.00) - UK set for strong growth in Q2

We forecast Q2 PTP of NOK623m as Protector looks set to benefit from strong investment results and continued high premium growth, offsetting potentially higher large claims. We forecast a combined ratio of 88%; although 4.1%-points higher YOY, it should be partly offset by 21% YOY growth in insurance revenues. As the growth story in the UK unfolds, we continue to find the shares attractively valued. We reiterate our BUY and have raised our target price to NOK275 (270). The results are due at c19...

Protector (Buy, TP: NOK270.00) - Still growing in the UK

A strong underwriting performance, driven by insurance revenue growth of 37% YOY, was offset by softer investments in Q1, leading to PTP down 11% YOY. The combined ratio improved 2%-points YOY, despite harsh weather, helped by the UK Property segment. We see a continued strong growth outlook for Protector after the UK segment reported 28% local currency growth YOY as part of the 1 April GWP renewals. We have raised our 2025–2026e EPS by 2% on the back of the improved underlying underwriting perf...

Protector (Buy, TP: NOK264.00) - GWP growth momentum building

We expect strong group GWP growth in Q1 to be partly offset by a more modest investment performance, resulting in PTP of NOK540m, down 16% YOY. Q1 is typically a low-volume quarter for the UK, but we expect continued strong growth from important 1 April renewals. We have made limited revisions to our 2025–2026e EPS, and reiterate our BUY and NOK264 target price.

Protector (Buy, TP: NOK264.00) - Planning for French expansion

Protector reported a strong Q4 pre-tax profit of NOK840m, up 22%, driven by solid underwriting and good investment performance. As announced on 22 January, gross written premiums grew 48% in local currencies in Q4, while the combined ratio improved 4.2%-points YOY. In addition to the growth potential in the UK, Protector is planning to enter France. We have increased our 2024–2025e EPS by 7–10%, and raised our target price to NOK264 (222), reiterating our BUY.

Protector (Buy, TP: NOK222.00) - Strong end to 2023 and start to 2024

We believe solid 1 January renewals (GWP up 16% YOY in local currencies) should support still-strong growth in 2024. Protector also reported 48% growth YOY in GWP in local currencies in Q4. While 1 April is more key for renewals in the UK, we find the update supportive for continued strong growth for the group in 2024. We have raised our 2024–2025e EPS by 3–5% and our target price to NOK222 (208), and reiterate our BUY.

Protector (Buy, TP: NOK208.00) - Solid seasonal underwriting

We forecast Q4 PTP of NOK648m, 6% lower YOY, on a sharp drop in market interest rates and high claims from storms and cold weather (results due on 1 February). We expect a reported combined ratio of 93.6%, 2.9%-points softer YOY, together with still-strong growth in gross written premiums (GWP) of 30% YOY. We have reduced our 2024–2025e EPS by 3–4% on a stronger NOK and softer investment yields, and cut our target price to NOK208 (213), but reiterate our BUY.

Protector (Buy, TP: NOK213.00) - Good growth opportunities

Protector reported Q3 PTP of NOK122m, down YOY due to higher large claims, a total investment result only just above zero, and a reversal of insurance finance items. The combined ratio was 5%-points softer YOY as the ‘Hans’ weather event along with several other large losses led to elevated claims in the quarter. Growth in gross written premiums remained a strong 35% YOY in local currency. We have raised our 2024–2025e EPS by ~2% following increased growth, and reiterate our BUY and NOK213 targe...

Protector (Buy, TP: NOK213.00) - Strong growth offset by claims

We forecast Q3 EPS of NOK1.3 and PTP of NOK193m. Strong growth in the UK, together with increased interest rates, should help offset elevated weather-related claims in the quarter. Despite the soft equity performance, we expect an improved investment result YOY from stable interest rates QOQ and strong high-yield performance. We reiterate our BUY and NOK213 target price. The Q3 results are due at 18:00 CET on 19 October.

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